GBP/USD Price Analysis: Bulls can ignore bearish MACD, overbought RSI

GBP/USD prints four-day winning streak while taking the bids above 1.3100.
Sustained trading beyond a four-month-old rising trend line and a 7.5-month-long falling support line favor buyers.
March month high lures the bulls while bears will stay away unless breaking 1.2990.

Anil Panchal FXStreet

GBP/USD refreshes the intraday high around 1.3115 during Monday’s Asian session. The Cable recently picked up bids following its U-turn from 1.3098. The same helps the quote to keep bulls happy for the fourth day in a row.

Although overbought RSI and bearish MACD challenges the pair’s immediate upside, sellers are less likely to enter unless witnessing a break below a downward sloping trend line from December 31, 2019, at 1.2990 now.

Also acting as the key support will be an ascending trend line from April 14, currently near 1.3025. Furthermore, the monthly low around 1.2980 adds a filter to the quote’s downside.

If at all the GBP/USD prices drop below 1.2980, odds of the pair’s plunge to June month’s high of 1.2813 can’t be ruled out.

On the flips side, the pair buyers keep targeting March month’s high near 1.3200 during the further north-run. However, December 2019 top close to 1.3285 will be eyed afterward as it holds the gate for the bulls’ rush towards the year 2019 peak of 1.3515.

GBP/USD daily chart

Trend: Bullish

Additional important levels

Overview
Today last price	1.3114
Today Daily Change	11 pips
Today Daily Change %	0.08%
Today daily open	1.3103

Trends
Daily SMA20	1.2993
Daily SMA50	1.2713
Daily SMA100	1.2551
Daily SMA200	1.2716

Levels
Previous Daily High	1.3122
Previous Daily Low	1.3074
Previous Weekly High	1.3143
Previous Weekly Low	1.3006
Previous Monthly High	1.317
Previous Monthly Low	1.236
Daily Fibonacci 38.2%	1.3103
Daily Fibonacci 61.8%	1.3092
Daily Pivot Point S1	1.3078
Daily Pivot Point S2	1.3052
Daily Pivot Point S3	1.303
Daily Pivot Point R1	1.3125
Daily Pivot Point R2	1.3147
Daily Pivot Point R3	1.3173

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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