GBP/USD Price Analysis: Monthly support line backs the bulls above 1.3300

GBP/USD bounces off two-week-old horizontal line to refresh intraday high.
Bullish MACD, sustained strength above 50-bar SMA favor buyers.

Anil Panchal FXStreet

GBP/USD prints mild gains while rising to 1.3330, an intraday high of 1.3338, during early Tuesday. The Cable surged to the fresh high since early September the previous day before stepping back from 1.3397.

However, the following U-turn from a horizontal line connecting highs marked since November 11 joins bullish MACD to favor the pair buyers. Also supporting the odds of GBP/USD upside is the successful trading past-50-bar SMA.

As a result, the 1.3400 round-figure acts as an immediate upside hurdle for the GBP/USD buyers ahead of the yearly peak surrounding 1.3485.

In a case where the quote remains positive beyond 1.3485, the late-2019 top near 1.3515 could return to the charts.

Meanwhile, a downside break of 1.3310 immediate horizontal support will battle the ascending trend line from November 02, at 1.3262 now, before retesting the 50-bar SMA level of 1.3238. However, any more weakness below 1.3238 will direct GBP/USD sellers toward the November 12 low near the 1.3100 round-figure.

GBP/USD four-hour chart

Trend: Bullish

Additional important levels

Overview
Today last price	1.3328
Today Daily Change	10 pips
Today Daily Change %	0.08%
Today daily open	1.3318

Trends
Daily SMA20	1.3133
Daily SMA50	1.3008
Daily SMA100	1.299
Daily SMA200	1.2721

Levels
Previous Daily High	1.3398
Previous Daily Low	1.3264
Previous Weekly High	1.3312
Previous Weekly Low	1.3166
Previous Monthly High	1.3177
Previous Monthly Low	1.282
Daily Fibonacci 38.2%	1.3347
Daily Fibonacci 61.8%	1.3315
Daily Pivot Point S1	1.3255
Daily Pivot Point S2	1.3193
Daily Pivot Point S3	1.3122
Daily Pivot Point R1	1.3389
Daily Pivot Point R2	1.346
Daily Pivot Point R3	1.3522

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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