GBP/USD Price Analysis: Pierces fortnight-old hurdle as bulls attack 1.1900

GBP/USD remains on the front foot for the second consecutive day, renews intraday high of late.
Bullish MACD, firmer RSI joins clear break of two-week-old descending trend line to favor bulls.
Sellers need to break 1.1800 support area to retake control.

Anil Panchal FXStreet

GBP/USD takes the bids to refresh intraday high around 1.1900 during Monday’s Asian session. In doing so, the Cable pair justifies its upside break of a two-week-old descending trend line.

Also keeping the pair buyers hopeful is the firmer RSI (14), not overbought, as well as bullish MACD signals.

However, a convergence of the 200-HMA and 38.2% Fibonacci retracement of July 04-14 downside, near 1.1915, acts as the validation point for the GBP/USD pair’s further advances.

Following that, the previous weekly top surrounding 1.1970 and the 1.2000 psychological magnet could challenge the pair buyers before directing them to the July 08 swing high near 1.2055.

Meanwhile, pullback remains elusive until the quote stays past the previous resistance line, around 1.1890 by the press time.

Even so, an upward sloping support line from the last Thursday and weekly horizontal region, respectively around 1.1830 and 1.1800, could challenge the GBP/USD bears.

Overall, GBP/USD recently cleared a short-term key hurdle and is ready to consolidate losses marked since mid-June.

GBP/USD: Hourly chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	1.1899
Today Daily Change	0.0045
Today Daily Change %	0.38%
Today daily open	1.1854

Trends
Daily SMA20	1.2078
Daily SMA50	1.2283
Daily SMA100	1.2643
Daily SMA200	1.3072

Levels
Previous Daily High	1.1875
Previous Daily Low	1.1804
Previous Weekly High	1.2039
Previous Weekly Low	1.176
Previous Monthly High	1.2617
Previous Monthly Low	1.1934
Daily Fibonacci 38.2%	1.1848
Daily Fibonacci 61.8%	1.1831
Daily Pivot Point S1	1.1814
Daily Pivot Point S2	1.1774
Daily Pivot Point S3	1.1744
Daily Pivot Point R1	1.1884
Daily Pivot Point R2	1.1915
Daily Pivot Point R3	1.1955

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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