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.

Anil Panchal FXStreet

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

Additional important levels

Overview
Today last price	1.353
Today Daily Change	24 pips
Today Daily Change %	0.18%
Today daily open	1.3506

Trends
Daily SMA20	1.3398
Daily SMA50	1.3228
Daily SMA100	1.3126
Daily SMA200	1.2792

Levels
Previous Daily High	1.3571
Previous Daily Low	1.3351
Previous Weekly High	1.3625
Previous Weekly Low	1.3225
Previous Monthly High	1.3398
Previous Monthly Low	1.2854
Daily Fibonacci 38.2%	1.3487
Daily Fibonacci 61.8%	1.3435
Daily Pivot Point S1	1.3381
Daily Pivot Point S2	1.3256
Daily Pivot Point S3	1.3161
Daily Pivot Point R1	1.3601
Daily Pivot Point R2	1.3696
Daily Pivot Point R3	1.3822

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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