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.
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
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.
