GBP/USD Price Analysis: On the way to 1.3760 resistance

GBP/USD holds on to recovery moves above 1.3700.
Sustained trading beyond 200-HMA, immediate rising support line and bullish MACD favor another attempt to break the key resistance line.

Anil Panchal FXStreet

GBP/USD eases from intraday high of 1.3740 to 1.3730 during Monday’s Asian session. In doing so, the cable keeps its run-up beyond 200-HMA and an upward sloping trend line from Thursday amid bullish MACD.

As a result, the bulls are all trying to re-attack the horizontal hurdle around 1.3757-58, a break of which will eye for the March 2018 peak surrounding 1.3775 and the 1.3800 threshold.

It should, however, be noted that the GBP/USD buyers’ dominance past-1.3800 mark will eye for the early April 2018 low near 1.3965 before challenging the 1.4000 psychological magnet.

Alternatively, a downside break of the short-term support line, at 1.3720 now, should quickly drag the quote to a 200-HMA level of 1.3686.

In a case where the GBP/USD sellers keep the reins below 1.3686, the monthly low of 1.3566 will be in the spotlight.

GBP/USD hourly chart

Trend: Bullish

Additional important levels

Overview
Today last price	1.3732
Today Daily Change	-7 pips
Today Daily Change %	-0.05%
Today daily open	1.3739

Trends
Daily SMA20	1.3664
Daily SMA50	1.355
Daily SMA100	1.3296
Daily SMA200	1.3006

Levels
Previous Daily High	1.374
Previous Daily Low	1.3666
Previous Weekly High	1.3758
Previous Weekly Low	1.3566
Previous Monthly High	1.3759
Previous Monthly Low	1.3451
Daily Fibonacci 38.2%	1.3712
Daily Fibonacci 61.8%	1.3694
Daily Pivot Point S1	1.369
Daily Pivot Point S2	1.3641
Daily Pivot Point S3	1.3616
Daily Pivot Point R1	1.3764
Daily Pivot Point R2	1.3789
Daily Pivot Point R3	1.3838

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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