GBP/USD Price Analysis: Eyes weekly resistance line amid Brexit drama
- GBP/USD refreshes intraday top around 1.3535 while extending Wednesday’s recovery moves.
- Sustained trading above 100-bar SMA, bullish MACD favor the bulls, upbeat Brexit developments add to the optimism.
- Weekly support line adds to the downside filter.
GBP/USD takes the bids near 1.3535, up 0.17% intraday, during Thursday’s Asian session. The Cable recently gained following the chatters that the Brexit deal announcements can come as soon as Thursday morning.
Read:Brexit update: The final leg and anticipation of a breakthrough announcement
Other than the fundamental optimism, the pair’s successful trading above 100-bar SMA and bullish MACD also helps the Sterling buyers to probe a falling trend line from December 17, at 1.3565 now.
Should the GBP/USD buyers manage to cross the 1.3565 hurdle, the 1.3600 can offer an intermediate halt before challenging the monthly high near 1.3625.
Alternatively, a pullback from the current levels can revisit the 1.3500 round-figure and the recent lows near 1.3465. Though, an ascending trend line from Monday and 100-bar SMA, respectively around 1.3420 and 1.3400, will challenge the GBP/USD sellers afterward.
In a case where the quote drops below 1.3400, the weekly bottom around 1.3188 will lure the GBP/USD bears.
GBP/USD four-hour chart
Trend: Further upside 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.
