GBP/USD Price Analysis: March high of 1.3200 lures the bulls

GBP/USD remains positive near the highest since March 09.
A sustained break of the yearly resistance line, bullish MACD favor the buyers.
Overbought RSI could play its role if prices slip below 1.3020.

Anil Panchal FXStreet

GBP/USD takes the bids near 1.3100 during the early Friday morning in Asia. The Cable crossed a downward sloping trend line from December 31, 2019, the previous day. The same gains support from bullish MACD to challenge the March month’s top.

Although 1.3200 is teasing the bulls, multiple upside barriers, comprising highs marked since 2019-end, could challenge the pair’s further upside between 1.3215 and 1.3285.

Should there be a clear run-up past-1.3285, the yaer 2019 peak near 1.3515 level will become the bulls' favorite.

On the contrary, overbought RSI conditions push the traders to remain cautious if the GBP/USD prices slip below the resistance-turned-support of 1.3020. Though, sellers may wait for a confirmation below 1.3000 while targeting June month’s high of 1.2813.

During the quote’s further weakness past-1.2813, a 200-day SMA level of 1.2706 could flash on the bears’ radars.

GBP/USD daily chart

Trend: Bullish

Additional important levels

Overview
Today last price	1.3097
Today Daily Change	100 pips
Today Daily Change %	0.77%
Today daily open	1.2997

Trends
Daily SMA20	1.2656
Daily SMA50	1.2541
Daily SMA100	1.2412
Daily SMA200	1.2702

Levels
Previous Daily High	1.3014
Previous Daily Low	1.2912
Previous Weekly High	1.2804
Previous Weekly Low	1.2518
Previous Monthly High	1.2813
Previous Monthly Low	1.2252
Daily Fibonacci 38.2%	1.2975
Daily Fibonacci 61.8%	1.2951
Daily Pivot Point S1	1.2935
Daily Pivot Point S2	1.2873
Daily Pivot Point S3	1.2833
Daily Pivot Point R1	1.3036
Daily Pivot Point R2	1.3076
Daily Pivot Point R3	1.3138

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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