GBP/USD Price Analysis: Eyes to regain 1.3600 inside weekly rising triangle

GBP/USD reverses the previous day’s pullback from two-month top.
Bulls seem to have exhausted beyond 50-SMA, MACD hints at pullback.
Horizontal resistance line from November joins triangle’s upper line to test bulls.

Anil Panchal FXStreet

GBP/USD pares the previous day’s losses around 1.3580 amid Tuesday’s Asian session.

In doing so, the cable pair picks up bids inside short-term ascending triangle formation. However, steady RSI and sluggish MACD joins the pair’s failures to stay beyond 1.3600 keep sellers hopeful.

While the current advances eye 1.3600 threshold, the upper line of the stated triangle from December 31 and a horizontal line comprising multiple levels marked since November, highlight the 1.3610 level as the key hurdle.

Should the quote rises past 1.3610, which becomes less likely, a run-up towards November’s high near 1.3700 can’t be ruled out.

On the flip side, pullback moves may initially aim for the triangle’s lower line near 1.3550. Though, bears remain unconvinced beyond the 50-SMA level of 1.3530. Also acting as a downside filter is the latest December’s swing low near 1.3480 and the 200-SMA level of 1.3355.

Overall, GBP/USD pair’s inability to stay firmer around multi-day top teases sellers.

GBP/USD: Four-hour chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	1.358
Today Daily Change	0.0001
Today Daily Change %	0.01%
Today daily open	1.3579

Trends
Daily SMA20	1.3418
Daily SMA50	1.3397
Daily SMA100	1.3555
Daily SMA200	1.3739

Levels
Previous Daily High	1.3604
Previous Daily Low	1.3532
Previous Weekly High	1.3599
Previous Weekly Low	1.3431
Previous Monthly High	1.355
Previous Monthly Low	1.3161
Daily Fibonacci 38.2%	1.356
Daily Fibonacci 61.8%	1.3577
Daily Pivot Point S1	1.354
Daily Pivot Point S2	1.35
Daily Pivot Point S3	1.3468
Daily Pivot Point R1	1.3611
Daily Pivot Point R2	1.3643
Daily Pivot Point R3	1.3682

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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