GBP/USD Price Analysis: Bulls struggle near two-month top, 5-day SMA offers immediate support

GBP/USD fails to keep the highest levels since September 07.
Bullish MACD, upbeat RSI conditions favor further upside to two-month-old resistance line.
Bears will look for entry on the break of an ascending trend line from May 18.

Anil Panchal FXStreet

GBP/USD recedes to 1.3160 during the initial hour of Tuesday’s Asian session. The pair refreshed the two-month peak on Monday but failed to stay positive beyond 1.3200.

However, bullish signals from the MACD joins strong RSI, not near the overbought region, favor the GBP/USD buyers to keep the optimism while targeting a resistance line stretched from September 10, at 1.3246 now. In doing so, a clear break above the recent high of 1.3208 becomes necessary.

While the quote is likely to post another U-turn from the mid-1.3200 area, any further upside can be challenged by the August 18 high near 1.3270, a break of which could challenge the yearly top surrounding 1.3485.

Alternatively, a downside break of 5-day SMA, currently near 1.3120 will aim for the 1.3100 and the 1.3000 round-figures as the next rest-points before highlighting a multi-day-old support line close to 1.2890.

If at all the GBP/USD bears manage to conquer the state support line, September lows near 1.2675 will pop-up on their radars with the monthly bottom around 1.2850 likely acting as a buffer.

GBP/USD daily chart

Trend: Bullish

Additional important levels

Overview
Today last price	1.3159
Today Daily Change	6 pips
Today Daily Change %	0.05%
Today daily open	1.3153

Trends
Daily SMA20	1.3008
Daily SMA50	1.2983
Daily SMA100	1.2903
Daily SMA200	1.2707

Levels
Previous Daily High	1.3177
Previous Daily Low	1.3092
Previous Weekly High	1.3177
Previous Weekly Low	1.2854
Previous Monthly High	1.3177
Previous Monthly Low	1.282
Daily Fibonacci 38.2%	1.3145
Daily Fibonacci 61.8%	1.3125
Daily Pivot Point S1	1.3105
Daily Pivot Point S2	1.3056
Daily Pivot Point S3	1.302
Daily Pivot Point R1	1.3189
Daily Pivot Point R2	1.3225
Daily Pivot Point R3	1.3274

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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