GBP/USD Price Analysis: Bulls battle key hurdle around 1.4100
- GBP/USD stays inside a choppy range near 1.4100.
- One-week-old horizontal area, short-term falling trend line guards immediate upside.
- MACD conditions suggest bulls rolling up the sleeves.
- Sustained trading above key support lines, 100-SMA favor buyers.
GBP/USD bounces off intraday low to 1.4095, keeping late Friday’s 10-pip trading range, amid Monday’s Asian session. In doing so, the cable stays near the short-term horizontal and trend line hurdle amid the receding bearish bias of the MACD.
Other than the MACD conditions, the quote’s successful trading above immediate support lines and 100-SMA also back the GBP/USD bulls.
Hence, GBP/USD buyers are waiting for a clear break above 1.4115 to refresh the monthly top, also the highest since late February, near 1.4165. However, the pair’s further upside needs to cross the 1.4200 threshold before targeting the yearly peak surrounding 1.4245.
Alternatively, pullback moves may aim for a one-week-old support line near 1.4050 before challenging the 1.4000 round figure and the monthly trend line support close to 1.3975.
Also acting as the key support is the 100-SMA level of 1.3960, as well as the multiple tops marked during early May around 1.3930.
GBP/USD four-hour chart
Trend: Bullish
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.
