GBP/USD Price Analysis: Bulls look to test 1.3950 above 20-SMA

GBP/USD books modest gains in the Asian session.
Interim resistance appears at 1.3920.
Neutral MACD throws caution for any directional bet, wait-and-watch stance likely to work.

Rekha Chauhan Independent Analyst

The GBP/USD pair is accumulating gains near 1.3900, a key psychological mark in the Asian session. The pair is moving in a close range of 30 pip, having traveled from the lows of 1.3887 to touch an intraday high of 1.3912.

At the time of writing, the GBP/USD pair is trading at 1.3912, up 0.19% on the day.

GBP/USD four hour chart

On the four hour chart, the pair seems vulnerable near interim resistance offered at 1.3920 with multiple top formations. If prices sustained above the mentioned level, then the upward momentum would gather pace, pushing prices towards the 1.3950 horizontal resistance.

On moving higher, the efforts could be made to retest the April 29 highs in the vicinity of 1.3980 followed by the 1.4000 mark (April 20 high).

The Moving Average Convergence Divergence (MACD) indicator reads above the midline, with a downward bias. Any downtick would encourage market participants to look out for the 1.3880 horizontal support. It would also mark the break of the ascending trend line from the lows of 1.3801, which would open the gates for Thursday’s low at 1.3857.

Further south, the 1.3820 horizontal support could be probed.

GBP/USD additional levels

GBP/USD

Overview
Today last price	1.3909
Today Daily Change	0.0018
Today Daily Change %	0.13
Today daily open	1.3891

Trends
Daily SMA20	1.3863
Daily SMA50	1.3857
Daily SMA100	1.3779
Daily SMA200	1.3445

Levels
Previous Daily High	1.3941
Previous Daily Low	1.3857
Previous Weekly High	1.3976
Previous Weekly Low	1.3803
Previous Monthly High	1.4009
Previous Monthly Low	1.3669
Daily Fibonacci 38.2%	1.3889
Daily Fibonacci 61.8%	1.3909
Daily Pivot Point S1	1.3852
Daily Pivot Point S2	1.3813
Daily Pivot Point S3	1.3768
Daily Pivot Point R1	1.3935
Daily Pivot Point R2	1.398
Daily Pivot Point R3	1.4019

Author

Rekha Chauhan

Independent Analyst

Rekha Chauhan has been working as a content writer and research analyst in the forex and equity market domain for over two years.

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