GBP/USD Price Analysis: Bulls retain control near monthly high, above 1.3500 mark

GBP/USD regained positive traction on Friday and climbed back closer to the monthly high.
The set-up supports prospects for a move towards testing the 1.3565 confluence resistance.
Only a sustained break below the 1.3400 mark will negate the near-term positive outlook.

Haresh Menghani FXStreet

The GBP/USD pair edged during the early part of the European session and shot closer to the highest level since November 10, around the 1.3520 area touched in the previous day.

From a technical perspective, a move back above the 50% Fibonacci level of the 1.3834-1.3161 downfall could be seen as a fresh trigger for bullish traders. This, along with bullish technical indicators on the daily chart, supports prospects for a further near-term appreciating move.

Hence, a subsequent move toward testing the next relevant hurdle, around the 1.3565 confluence region, now looks like a distinct possibility. The mentioned hurdle comprises 61.8% Fibo. level and the 100-day SMA, which if cleared decisively should pave the way for additional gains.

On the flip side, the overnight swing low, around the 1.3455-50 area, now seems to protect the immediate downside. Any further decline could be seen as a buying opportunity near the 38.2% Fibo. level/50-DMA confluence resistance breakpoint, around the 1.3420-15 region.

This, in turn, should help limit the downside near the 1.3400 round-figure mark. Some follow-through selling below the 1.3385-75 region might shift the bias in favour of bearish traders. The GBP/USD pair could then accelerate the fall towards the 23.6% Fibo. level, around the 1.3320 area.

GBP/USD daily chart

Technical levels to watch

GBP/USD

Overview
Today last price	1.3514
Today Daily Change	0.0018
Today Daily Change %	0.13
Today daily open	1.3496

Trends
Daily SMA20	1.3312
Daily SMA50	1.3425
Daily SMA100	1.357
Daily SMA200	1.3748

Levels
Previous Daily High	1.3522
Previous Daily Low	1.3454
Previous Weekly High	1.3438
Previous Weekly Low	1.3174
Previous Monthly High	1.3698
Previous Monthly Low	1.3194
Daily Fibonacci 38.2%	1.3496
Daily Fibonacci 61.8%	1.348
Daily Pivot Point S1	1.346
Daily Pivot Point S2	1.3423
Daily Pivot Point S3	1.3392
Daily Pivot Point R1	1.3527
Daily Pivot Point R2	1.3558
Daily Pivot Point R3	1.3595

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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