GBP/USD Price Analysis: Defends 1.4200 during another battle with key hurdle


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  • GBP/USD bulls take a breather around weekly top.
  • Receding bullish bias of MACD battles sustained trading beyond 21-day EMA.
  • 1.4245 becomes strong resistance, ascending trend line from November 2020 adds to downside filters.

GBP/USD seesaws around the week’s top, clinging to 1.4200 of late, during the early Asian session on Friday. The cable pair marked the heaviest jump in three weeks the previous day, not to forget bouncing off 21-day EMA. However, sluggish MACD and the key hurdle around 1.2235-45 probes the Sterling buyers.

Given the fading strength of bulls, per MACD, coupled with the nearness to the strong resistance, GBP/USD may witness a pullback towards retesting the 21-day EMA support, around 1.4085 by the press time.

Also acting as the important short-term support could be the three-month-old horizontal area around 1.4010–4000, a break of which will highlight a six-month-old ascending support line near 1.3900.

Meanwhile, a clear run-up beyond the 1.4245 hurdle will propel GBP/USD towards April 2018 top surrounding 1.4375 wherein the 1.4300 round-figure could offer an intermediate halt.

It’s worth mentioning that the GBP/USD could confirm the three-year-long rounding bottom bullish chart formation on the successful break of 1.4375, which in turn could lead buyers toward the 2014 levels above 1.6000.

GBP/USD daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price 1.4204
Today Daily Change 83 pips
Today Daily Change % 0.59%
Today daily open 1.4121
 
Trends
Daily SMA20 1.4051
Daily SMA50 1.3914
Daily SMA100 1.386
Daily SMA200 1.3517
 
Levels
Previous Daily High 1.4176
Previous Daily Low 1.4112
Previous Weekly High 1.4234
Previous Weekly Low 1.4077
Previous Monthly High 1.4009
Previous Monthly Low 1.3669
Daily Fibonacci 38.2% 1.4137
Daily Fibonacci 61.8% 1.4152
Daily Pivot Point S1 1.4097
Daily Pivot Point S2 1.4073
Daily Pivot Point S3 1.4034
Daily Pivot Point R1 1.4161
Daily Pivot Point R2 1.42
Daily Pivot Point R3 1.4224

 

 

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