GBP/USD Price Analysis: Extends bounce off 200-HMA towards 1.3700

GBP/USD picks up bids to keep the bulls hopeful above the short-term key moving average.
Bullish MACD signals also back the odds to witness fresh high since May 2018.
Monthly low holds the key to bears’ entry.

Anil Panchal FXStreet

GBP/USD rises to 1.3688, up 0.06% intraday, during Monday’s Asian session. In doing so, the cable keeps Friday’s U-turn from 200-hour moving average (HMA) amid the bullish MACD.

With this, GBP/USD is up for breaking the 1.3700 immediate hurdle whereas Thursday’s high, also the highest since May 2018, around 1.3750, will lure the buyers afterward.

During the quote’s sustained rise past-1.3750, April 2018 low near 1.3965 will be the key for GBP/USD bulls.

On the flip side, a clear break below 200-HMA, at 1.3650 now, needs validation from 61.8% Fibonacci retracement of January 18-21 upside, near 1.3600, to recall GBP/USD sellers.

Following that, 1.3520 and the monthly low near 1.3450 should gain the market’s attention.

Overall, GBP/USD is an uptrend towards the early 2018 highs and the latest bounce off the key moving average strengthens the upside expectations.

GBP/USD hourly chart

Trend; Bullish

Additional important levels

Overview
Today last price	1.3686
Today Daily Change	6 pips
Today Daily Change %	0.04%
Today daily open	1.368

Trends
Daily SMA20	1.3611
Daily SMA50	1.3473
Daily SMA100	1.322
Daily SMA200	1.2942

Levels
Previous Daily High	1.3738
Previous Daily Low	1.3636
Previous Weekly High	1.3746
Previous Weekly Low	1.352
Previous Monthly High	1.3686
Previous Monthly Low	1.3134
Daily Fibonacci 38.2%	1.3675
Daily Fibonacci 61.8%	1.3699
Daily Pivot Point S1	1.3632
Daily Pivot Point S2	1.3583
Daily Pivot Point S3	1.3529
Daily Pivot Point R1	1.3734
Daily Pivot Point R2	1.3787
Daily Pivot Point R3	1.3836

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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