GBP/USD Price Analysis: Bulls have the upper end, could aim to reclaim 1.3500 mark

GBP/USD edged higher for the fourth straight day on Friday.
The set-up remains tilted firmly in favour of bullish traders.
The stage seems set for a move to reclaim the 1.3500 mark.

Haresh Menghani FXStreet

The GBP/USD pair attracted some dip-buying near the 1.3390-85 region on Friday and turned positive for the fourth successive day. The pair held on to its modest intraday gains through the mid-European session and was last seen trading near the daily top, around the 1.3415-20 region.

From a technical perspective, the overnight sustained move beyond the 1.3370-75 horizontal resistance, or the post-BoE swing high was seen as a fresh trigger for bullish traders. This, in turn, supports prospects for an extension of this week's solid bounce from the vicinity of the YTD low.

The constructive outlook is reinforced by the fact that technical indicators on the daily chart have just started moving into the positive territory. A subsequent move beyond the monthly top, around the 1.3435-40 region will reaffirm the bullish bias and pave the way for additional gains.

The GBP/USD pair could then accelerate the appreciating move and aim to reclaim the key 1.3500 psychological mark. The momentum could get extended and push spot prices beyond an intermediate hurdle near 1.3515, towards testing the next relevant barrier near the 1.3560-65 region.

On the flip side, any meaningful slide below the 1.3375-70 resistance breakpoint could now be seen as a buying opportunity and remain limited near the 1.3335 area. Some follow-through selling below the 1.3300 mark might negate the positive bias and expose the 1.3265-60 support.

GBP/USD 4-hour chart

Technical levels to watch

GBP/USD

Overview
Today last price	1.3414
Today Daily Change	-0.0007
Today Daily Change %	-0.05
Today daily open	1.3421

Trends
Daily SMA20	1.3274
Daily SMA50	1.3457
Daily SMA100	1.3589
Daily SMA200	1.3756

Levels
Previous Daily High	1.3438
Previous Daily Low	1.3343
Previous Weekly High	1.3374
Previous Weekly Low	1.3172
Previous Monthly High	1.3698
Previous Monthly Low	1.3194
Daily Fibonacci 38.2%	1.3402
Daily Fibonacci 61.8%	1.3379
Daily Pivot Point S1	1.3363
Daily Pivot Point S2	1.3306
Daily Pivot Point S3	1.3268
Daily Pivot Point R1	1.3458
Daily Pivot Point R2	1.3496
Daily Pivot Point R3	1.3553

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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