GBP/USD Price Analysis: Bulls look to revisit short-term resistance line around 1.3400

GBP/USD extends bounce off 100-bar EMA, prints mild intraday gains.
Normal RSI conditions, sustained trading beyond key moving average favor the bulls.
Sellers need to refresh monthly low before retaking the controls.

Anil Panchal FXStreet

GBP/USD picks up bids near 1.3340, up 0.11% intraday, during early Tuesday. The cable rose for the first time in the last three days on Monday before recently extending gains above 100-bar EMA.

The upside moves also benefit from the absence of overbought or oversold RSI conditions.

As a result, GBP/USD buyers are again targeting a falling trend line from December 04, at 1.3410 now. However, a clear upside beyond the same will be critical to watch.

Should the quote remains positive past-1.3410, odds of a fresh monthly high above 1.3539 can’t be ruled out.

Alternatively, a downside break below 100-bar EMA, currently around 1.3320, will direct the GBP/USD sellers toward 1.3250 and the monthly low near 1.3130.

Also acting as a downside filter is November’s trough surrounding 1.3100.

GBP/USD four-hour chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	1.3343
Today Daily Change	17 pips
Today Daily Change %	0.13%
Today daily open	1.3326

Trends
Daily SMA20	1.334
Daily SMA50	1.3157
Daily SMA100	1.3097
Daily SMA200	1.2753

Levels
Previous Daily High	1.3446
Previous Daily Low	1.3225
Previous Weekly High	1.3478
Previous Weekly Low	1.3134
Previous Monthly High	1.3398
Previous Monthly Low	1.2854
Daily Fibonacci 38.2%	1.3361
Daily Fibonacci 61.8%	1.3309
Daily Pivot Point S1	1.3219
Daily Pivot Point S2	1.3112
Daily Pivot Point S3	1.2998
Daily Pivot Point R1	1.344
Daily Pivot Point R2	1.3553
Daily Pivot Point R3	1.3661

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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