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.
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
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.
