GBP/USD Price Analysis: Bears battle two-week-old support line above 1.3900


  • GBP/USD fades three-day downtrend, trades choppy above 1.3900 off-late.
  • 100-bar SMA adds to the immediate support, 50-bar SMA, weekly resistance line guard further recoveries.
  • MACD seems to drop the bearish bias, repeated bounces off short-term support line also favor the bulls.

GBP/USD picks up bids around 1.3930, up 0.06% intraday, amid the initial Asian session on Tuesday. The cable dropped during the previous three days before recently bouncing off a short-term ascending trend line and 100-bar SMA.

The corrective pullback dims bearish MACD signals and hence suggests further upside towards the 1.4000 threshold. However, any further recoveries need to cross the 50-bar SMA level of 1.4025 and a falling trend line from February 24, currently around 1.4075, to convince sterling buyers.

Should GBP/USD prices manage to successfully cross 1.4075, the 1.4100 round-figure and 1.4185 can offer intermediate halts during the run-up to refresh the multi-month tops, marked the previous month, around 1.4245.

Alternatively, a clear downside below the stated support line, near 1.3900, will be challenged by three-week-old horizontal support around 1.3870-65.

Also acting as a downside filter for the GBP/USD pair is February 17 low near 1.3830.

Overall, GBP/USD eyes to regain the upside momentum but immediate hurdles test the bulls.

GBP/USD four-hour chart

Trend: Bullish

additional important levels

Overview
Today last price 1.3926
Today Daily Change 4 pips
Today Daily Change % 0.03%
Today daily open 1.3922
 
Trends
Daily SMA20 1.388
Daily SMA50 1.3719
Daily SMA100 1.3465
Daily SMA200 1.3138
 
Levels
Previous Daily High 1.3999
Previous Daily Low 1.3904
Previous Weekly High 1.4243
Previous Weekly Low 1.389
Previous Monthly High 1.4243
Previous Monthly Low 1.3566
Daily Fibonacci 38.2% 1.3941
Daily Fibonacci 61.8% 1.3963
Daily Pivot Point S1 1.3884
Daily Pivot Point S2 1.3846
Daily Pivot Point S3 1.3789
Daily Pivot Point R1 1.3979
Daily Pivot Point R2 1.4037
Daily Pivot Point R3 1.4075

 

 

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