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.

GBP/USD slides below 1.3250 after failing to break through 23.6% Fibo

The GBP/USD pair meets with a fresh supply during the Asian session on Wednesday and moves away from a nearly two-week high around the 1.3275 region, touched the previous day. Spot prices currently trade around the 1.3235 zone, down 0.20% for the day, as traders look to speeches from Bank of England Governor Andrew Bailey and Federal Reserve Chair Kevin Warsh for a fresh impetus.

EUR/USD tests daily lows near 1.1380; focus on ECB Forum

EUR/USD remains under pressure below 1.1400 on Wednesday amid extra gains in the US Dollar. In addition, softer-than-expected inflation data in Germany and the Euroland fuel expectations of a less aggressive ECB, contributing to the downside mood.

Gold clings to daily gains beyond $4,000 ahead of Warsh

Gold manages to regain composure and advance past the key $4,000 per troy ounce on Wednesday, reversing two daily drops in a row. The yellow metal’s decent bounce comes despite uncertainty surrounding Iran and growing expectations of a Fed rate hike continue to support the Greenback for now.

ISM Manufacturing PMI expected to signal continued expansion in the US

Attention shifts to Wednesday’s release of the June ISM Manufacturing Purchasing Managers Index, one of the most closely followed indicators of activity in the US manufacturing sector and an important barometer of the broader economy. Markets expect the headline index to remain unchanged at 54.

Crypto Today: Bitcoin, Ethereum, XRP stay under pressure as investors turn more risk-averse

The cryptocurrency market trades under intense headwinds on Wednesday, led by Bitcoin’s (BTC) deepening sell-off below $60,000. The Crypto King hovers above $58,000.

Just like Fed, is BoJ’s independence under threat?

When talking about central bank independence, most of the focus has been on Donald Trump’s pressure on the Federal Reserve. But a similar story, a quieter one for now, seems to be happening on the other side of the Pacific: Japan’s government may be testing the Bank of Japan’s independence.