GBP/USD Price Analysis: Bulls and bears jostle around 1.3900 inside immediate triangle

GBP/USD picks up bids inside a three-day-old symmetrical triangle.
Sustained trading beyond 200-HMA, upbeat RSI keeps buyers hopeful.
1.3150, 61.8% Fibonacci retracement level also test the momentum traders.

Anil Panchal FXStreet

GBP/USD bounces off intraday low to regains 1.3900 threshold during Tuesday’s Asian session. Although the cable’s repeated bounces off 200-HMA join upbeat RSI to back the buyers, a triangle formation established since last Thursday challenges the short-term moves.

As a result, an area between 1.3855 and 1.3925 becomes less interesting for GBP/USD traders, despite suggesting a bounce off 200-HMA level of 1.3876.

61.8% Fibonacci retracement of April 12–20 upside, around 1.3800, as well as multiple tops marked during last week near 1.3950, add to the further boundaries for the GBP/USD watchers.

While a downside break of 1.3800 may not hesitate to challenge the mid-April lows near 1.3715, an upside clearance of 1.3950 needs validation from the 1.4000-4010 area to keep the bulls hopeful.

Overall, GBP/USD remains on the bull’s radar but the latest consolidation may bore intraday traders.

GBP/USD hourly chart

Trend: Sideways

Additional impotant levels

Overview
Today last price	1.3895
Today Daily Change	-3 pips
Today Daily Change %	-0.02%
Today daily open	1.3898

Trends
Daily SMA20	1.3822
Daily SMA50	1.3874
Daily SMA100	1.3738
Daily SMA200	1.3404

Levels
Previous Daily High	1.3929
Previous Daily Low	1.3864
Previous Weekly High	1.4009
Previous Weekly Low	1.381
Previous Monthly High	1.4017
Previous Monthly Low	1.3671
Daily Fibonacci 38.2%	1.3904
Daily Fibonacci 61.8%	1.3889
Daily Pivot Point S1	1.3865
Daily Pivot Point S2	1.3833
Daily Pivot Point S3	1.3801
Daily Pivot Point R1	1.393
Daily Pivot Point R2	1.3962
Daily Pivot Point R3	1.3994

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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