GBP/USD Price Analysis: Bulls look to 1.3775 resistance confluence

GBP/USD picks up bids towards one-week-old falling trend line, 100-SMA.
Upbeat RSI conditions, successful bounce off short-term resistance area signal further upside.

Anil Panchal FXStreet

GBP/USD extends the previous day’s recovery moves to 1.3760, up 0.07% intraday, amid Wednesday’s Asian session. In doing so, the cable keeps a one-week-old consolidation pattern from the key horizontal support zone comprising lows marked since March 24.

However, bulls need to cross a confluence of 100-SMA and an immediate resistance line to justify the strength in targeting the 1.3800 threshold.

Although a clear upside past-1.3800 enables the GBP/USD buyers to challenge March 29 top near 1.3845, any further rise will be questioned by the monthly top of 1.3920.

On the contrary, pullback moves can recall 1.3730 and the 1.3700 round-figure on the chart before highlighting the 1.3670-75 horizontal support area.

Should the GBP/USD sellers dominate below 1.3670, February’s low near 1.3566 will gain the market’s attention.

GBP/USD four-hour chart

Trend: Further recovery expected

Additional important levels

Overview
Today last price	1.3759
Today Daily Change	7 pips
Today Daily Change %	0.05%
Today daily open	1.3752

Trends
Daily SMA20	1.3797
Daily SMA50	1.3858
Daily SMA100	1.3694
Daily SMA200	1.3346

Levels
Previous Daily High	1.3769
Previous Daily Low	1.3694
Previous Weekly High	1.3919
Previous Weekly Low	1.367
Previous Monthly High	1.4017
Previous Monthly Low	1.3671
Daily Fibonacci 38.2%	1.374
Daily Fibonacci 61.8%	1.3723
Daily Pivot Point S1	1.3708
Daily Pivot Point S2	1.3664
Daily Pivot Point S3	1.3633
Daily Pivot Point R1	1.3782
Daily Pivot Point R2	1.3813
Daily Pivot Point R3	1.3856

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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