GBP/USD Price Analysis: Refreshes yearly top inside short-term rising channel, 1.4000 in focus

GBP/USD takes the bids near the fresh high since April 2018.
Bullish channel, MACD favor run-up to the 1.4000 threshold.
One-week-old support line, 10-day SMA offer immediate supports.

Anil Panchal FXStreet

GBP/USD prints a three-day winning streak while rising to the fresh high in 34 months while taking the bids near 1.3925 during Tuesday’s Asian session.

Bullish MACD signals join the cable’s sustained trading above a one-week-old support line and 10-day SMA to hint at the further upside.

In doing so, the 1.4000 psychological magnet gains the immediate attention of the GBP/USD buyers. However, any further upside will have to cross the upper line of an ascending trend channel from November 02, at 1.4030 now.

Should GBP/USD bulls dominate past-1.4030, March 2018 high near 1.4245 will be on their radars.

Meanwhile, pullback moves can attack a support line from February 04, at 1.3842 now, a break of which will eye the 10-day SMA level of 1.3794.

Although a downside break of 10-day SMA will please short-term GBP/USD sellers, by directing them to the support line of the stated channel, the bears need to conquer 1.3577 on a daily closing to retake the controls.

GBP/USD daily chart

Trend: Bullish

Additional important levels

Overview
Today last price	1.3916
Today Daily Change	10 pips
Today Daily Change %	0.07%
Today daily open	1.3906

Trends
Daily SMA20	1.3729
Daily SMA50	1.3602
Daily SMA100	1.336
Daily SMA200	1.3049

Levels
Previous Daily High	1.3919
Previous Daily Low	1.3834
Previous Weekly High	1.3866
Previous Weekly Low	1.368
Previous Monthly High	1.3759
Previous Monthly Low	1.3451
Daily Fibonacci 38.2%	1.3887
Daily Fibonacci 61.8%	1.3867
Daily Pivot Point S1	1.3854
Daily Pivot Point S2	1.3802
Daily Pivot Point S3	1.3769
Daily Pivot Point R1	1.3939
Daily Pivot Point R2	1.3971
Daily Pivot Point R3	1.4023

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.

GBP/USD loses momentum, flirts with 1.3200

GBP/USD is struggling to maintain its positive bias on Thursday, retreating toward the 1.3200 region in response to the pick in the buying interest around the Greenback. That said, Cable remains under scrutiny as cautious market sentiment keeps investors focused on the US-Iran conflict and political effervescence in the UK.

EUR/USD trims gains, challenges 1.1400

EUR/USD now gives away part of its earlier advance, receding toward the 1.1400 contention zone on Thursday. Meanwhile, the pair’s recovery comes amid extra losses in the US Dollar, at the time when while investors continue to monitor developments in the Middle East and sentiment surrounding global technology stocks.

Gold remains bid and close to $4,100

Gold accelerates its recovery and approaches the key $4,000 mark per troy ounce at the end of the week, adding to Thursday’s advance. However, expectations for a hawkish Fed remain steady and keep the yellow metal’s potential upside contained.

Crypto Today: Bitcoin at $60,000, Ethereum at $1,500, and XRP at $1 face a make-or-break test

Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) are trading in the red on Friday after three consecutive days of losses, testing their respective make-or-break support levels.

Week ahead – NFP report to challenge Dollar strength and the hawkish Fed

Dollar strength dominates markets, as the hawkish Fed overshadows geopolitics and lower oil prices. NFP week could drive September Fed hike expectations and boost market volatility. The euro lacks fresh bullish catalysts, all eyes on the preliminary inflation report and the ECB Forum.

Regime change: Inside Kevin Warsh's first move to make the Fed unreadable on purpose

The rate did not move. That was the least interesting thing about Kevin Warsh's first meeting in charge of the Fed. The FOMC held its benchmark at 3.50%-3.75% for the fourth straight meeting, exactly as priced, and then the new chair used his first press conference to dismantle the machinery the market has leaned on for a decade.