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.
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
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.
