GBP/USD Price Analysis: Refreshes multi-month top on clearing 1.3745/50 resistance

GBP/USD rises to a fresh high since May 2018.
RSI conditions, multiple pullbacks from immediate horizontal resistance test bulls despite the latest uptick.
Monday’s top, 200-HMA challenge bears’ entry before the weekly bottom.

Anil Panchal FXStreet

GBP/USD takes the bids near the yearly top, also the highest since May 2018, around 1.3750 amid Wednesday’s Asian trading session. In doing so, the cable marks an uptick beyond the one-week-old horizontal resistance.

Although clearance of short-term upside hurdle and bullish MACD suggests further upside of the quote, nearly overbought RSI conditions may push the GBP/USD buyers to wait for a clear break of 1.3750 before taking fresh long positions.

Following that, May 2018 peak surrounding 1.3770 can also challenge the upside momentum before challenging the late-April 2018 low near 1.3920.

Meanwhile, Monday’s low and 200-HMA, respectively around 1.3725 and 1.3655, can restrict the quote’s short-term downside ahead of the weekly low close to 1.3610.

During the GBP/USD weakness past-1.3610, the sellers can warrant a decisive break of the 1.3600 round-figure before targeting the 1.3520 support marked on January 18.

To sum up, the GBP/USD bulls are likely to catch a breather but the bullish trend remains intact unless the quote drops below 1.3520.

GBP/USD hourly chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	1.3744
Today Daily Change	4 pips
Today Daily Change %	0.03%
Today daily open	1.374

Trends
Daily SMA20	1.3635
Daily SMA50	1.3492
Daily SMA100	1.3233
Daily SMA200	1.2956

Levels
Previous Daily High	1.3745
Previous Daily Low	1.361
Previous Weekly High	1.3746
Previous Weekly Low	1.352
Previous Monthly High	1.3686
Previous Monthly Low	1.3134
Daily Fibonacci 38.2%	1.3693
Daily Fibonacci 61.8%	1.3661
Daily Pivot Point S1	1.3651
Daily Pivot Point S2	1.3563
Daily Pivot Point S3	1.3516
Daily Pivot Point R1	1.3786
Daily Pivot Point R2	1.3833
Daily Pivot Point R3	1.3921

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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