GBP/USD Price Analysis: Monday’s bullish pin bar keeps buyers hopeful

GBP/USD extends the previous day’s recovery moves from 1.3530.
Bullish candlestick formation, sustained trading above 21-day SMA favor buyers.
Monthly resistance line adds to the upside barriers.

Anil Panchal FXStreet

GBP/USD picks up bids around 1.3590 amid the initial Asian trading session on Tuesday. In doing so, the Cable justifies its bounce off 21-day SMA and a bullish pin bar candlestick pattern on the daily (1D) chart.

With the normal RSI conditions joining the aforementioned price-positive catalysts, GBP/USD is for regaining its status above the 1.3600 mark. However, there are multiple upside barriers near 1.3660 that test the bulls afterward.

Also acting as the key resistance are the 1.3700 round-figure and an ascending trend line from January 04, at 1.3715 now.

Alternatively, a daily closing below 21-day SMA of 1.3573 will recall GBP/USD sellers targeting an ascending trend line from December 22, currently around 1.3515.

It should, however, be noted that any further weakness past-1.3515 will not hesitate to probe a five-week-old support line near 1.3375.

GBP/USD daily chart

Trend: Bullish

Additional important levels

Overview
Today last price	1.3583
Today Daily Change	-1 pip
Today Daily Change %	-0.01%
Today daily open	1.3584

Trends
Daily SMA20	1.3567
Daily SMA50	1.3426
Daily SMA100	1.3204
Daily SMA200	1.2914

Levels
Previous Daily High	1.3698
Previous Daily Low	1.3572
Previous Weekly High	1.371
Previous Weekly Low	1.3451
Previous Monthly High	1.3686
Previous Monthly Low	1.3134
Daily Fibonacci 38.2%	1.3621
Daily Fibonacci 61.8%	1.365
Daily Pivot Point S1	1.3538
Daily Pivot Point S2	1.3492
Daily Pivot Point S3	1.3412
Daily Pivot Point R1	1.3664
Daily Pivot Point R2	1.3744
Daily Pivot Point R3	1.379

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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