GBP/USD Price Analysis: Pokes short-term resistance line above 1.3500

GBP/USD grinds higher around weekly top following three-day uptrend.
A three-week-old resistance line tests buyers ahead of 100-SMA.
Bullish MACD, sustained break of 50-SMA favor buyers.
Sellers need validation from 61.8% Fibonacci retracement to take fresh entries.

Anil Panchal FXStreet

GBP/USD bulls attack nearby resistance line around the weekly high of 1.3528 during Wednesday’s Asian session.

In doing so, the pair buyers take a breather following a three-day rebound from the 61.8% Fibonacci retracement (Fibo.) of December 2021 to early January 2022 upside.

Other than the bounce from the key Fibo. level, firmer MACD and the cable pair’s ability to stay beyond the 50-SMA level also keeps buyers hopeful to overcome the immediate trend line resistance, stretched from January 13, around 1.3530.

Even so, the 100-SMA level near 1.3560 will act as an extra filter to the north before fueling the GBP/USD prices towards the previous month’s peak of 1.3748.

Alternatively, pullback moves may aim for the 50-SMA level of 1.3470 ahead of highlighting a convergence of the previous resistance line from January 20 and 61.8% Fibonacci retracement level surrounding 1.3385.

It’s worth noting that January’s low of 1.3357 could also test the GBP/USD bears before giving them controls to aim for the sub-1.3300 area.

GBP/USD: Four-hour chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	1.3523
Today Daily Change	0.0074
Today Daily Change %	0.55%
Today daily open	1.3449

Trends
Daily SMA20	1.3559
Daily SMA50	1.342
Daily SMA100	1.3521
Daily SMA200	1.3719

Levels
Previous Daily High	1.346
Previous Daily Low	1.3387
Previous Weekly High	1.3566
Previous Weekly Low	1.3358
Previous Monthly High	1.3749
Previous Monthly Low	1.3358
Daily Fibonacci 38.2%	1.3432
Daily Fibonacci 61.8%	1.3415
Daily Pivot Point S1	1.3404
Daily Pivot Point S2	1.3359
Daily Pivot Point S3	1.333
Daily Pivot Point R1	1.3477
Daily Pivot Point R2	1.3506
Daily Pivot Point R3	1.3551

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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