GBP/USD Price Analysis: Monthly channel’s resistance probe bulls above 1.4100


  • GBP/USD wobbles near late February tops after the heaviest run-up in three weeks.
  • Immediate hurdle, RSI conditions suggest pullback towards previous key resistance.
  • Multiple confluences will offer a bumpy ride to the bears, bulls aim for yearly top.

GBP/USD bulls catch a breather around 1.4125, up 0.05% intraday, amid Tuesday’s Asian session. The cable jumped to the highest in 10 weeks the previous day, not to forget posting the biggest daily gain since April 19.

However, the heavy run-up propelled the RSI line close to the overbought region as the prices test the upper line of the one-month-old rising trend channel. Though, the quote remains well beyond the 1.4010-20 previous resistance area, crossed on Monday.

Hence, GBP/USD may witness short-term pullback towards revisiting the 1.4020-10 area but any further downside becomes doubtful.

If at all the bears dominate below 1.4010, they need to conquer the 1.4000 psychological magnet before challenging the 1.3865-60 support confluence including 50-day SMA and lower line of the stated channel. It’s worth mentioning that 100-day SMA and a rising trend line from December 11, 2020, add to the downside filter around the 1.3800 threshold.

Meanwhile, a clear upside past-1.4145 becomes necessary for the GBP/USD bulls to challenge the yearly top surrounding 1.4245. During the rally, the 1.4200 round figure could act as an intermediate halt.

GBP/USD daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price 1.4126
Today Daily Change 0.0144
Today Daily Change % 1.03%
Today daily open 1.3982
 
Trends
Daily SMA20 1.3877
Daily SMA50 1.3858
Daily SMA100 1.3784
Daily SMA200 1.345
 
Levels
Previous Daily High 1.4006
Previous Daily Low 1.3889
Previous Weekly High 1.4006
Previous Weekly Low 1.3801
Previous Monthly High 1.4009
Previous Monthly Low 1.3669
Daily Fibonacci 38.2% 1.3961
Daily Fibonacci 61.8% 1.3934
Daily Pivot Point S1 1.3912
Daily Pivot Point S2 1.3843
Daily Pivot Point S3 1.3796
Daily Pivot Point R1 1.4029
Daily Pivot Point R2 1.4075
Daily Pivot Point R3 1.4145

 

 

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