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.

Anil Panchal FXStreet

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

Additional important levels

Overview
Today last price	1.4097
Today Daily Change	-1 pip
Today Daily Change %	-0.01%
Today daily open	1.4098

Trends
Daily SMA20	1.3956
Daily SMA50	1.3876
Daily SMA100	1.3814
Daily SMA200	1.3475

Levels
Previous Daily High	1.4111
Previous Daily Low	1.4036
Previous Weekly High	1.4166
Previous Weekly Low	1.3982
Previous Monthly High	1.4009
Previous Monthly Low	1.3669
Daily Fibonacci 38.2%	1.4082
Daily Fibonacci 61.8%	1.4065
Daily Pivot Point S1	1.4052
Daily Pivot Point S2	1.4007
Daily Pivot Point S3	1.3977
Daily Pivot Point R1	1.4127
Daily Pivot Point R2	1.4156
Daily Pivot Point R3	1.4202

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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