GBP/USD Price Analysis: Stays directed to 1.3830 resistance confluence

GBP/USD regains “above 200-DMA” status, edges higher of late.
MACD conditions, rebound from 61.8% Fibonacci retracement favor bulls.
Confluence of six-week-old descending trend line, 38.2% Fibo. challenges buyers.

Anil Panchal FXStreet

GBP/USD holds onto 200-DMA breakout around 1.3765 amid a quiet start to Friday’s Asian session.

The cable pair’s recovery moves from 61.8% Fibonacci retracement (Fibo.) of December 2020 to June 2021 upside manages to cross the key SMA and 50% Fibo. hurdle, keeping the buyers hopeful. Also favoring the bulls is the MACD line that teases a bullish breakout over the signal line.

It should, however, be noted that a daily closing beyond convergence of the 1.5 month-old resistance line and 38.2% Fibo. becomes necessary for the GBP/USD prices to keep the latest upside momentum.

Following that, the 100-DMA level of 1.3925 and the late June's peak around the 1.4000 psychological magnet will be the key to follow.

Meanwhile, a pullback move will have to close below 200-DMA, surrounding 1.3714, followed by 50% Fibo. near 1.3690, to recall the GBP/USD sellers.

Even so, 61.8% Fibonacci retracement around 1.3560 and early December 2020 tops bear 1.3540 could act as filters to the south.

Overall, GBP/USD bulls are firming up controls but the key hurdle is yet to cross.

GBP/USD: Daily chart

Trend: Further recovery expected

Additional important levels

Overview
Today last price	1.3766
Today Daily Change	0.0054
Today Daily Change %	0.39%
Today daily open	1.3712

Trends
Daily SMA20	1.3813
Daily SMA50	1.3986
Daily SMA100	1.3927
Daily SMA200	1.3706

Levels
Previous Daily High	1.3723
Previous Daily Low	1.3591
Previous Weekly High	1.391
Previous Weekly Low	1.3761
Previous Monthly High	1.4249
Previous Monthly Low	1.3787
Daily Fibonacci 38.2%	1.3673
Daily Fibonacci 61.8%	1.3642
Daily Pivot Point S1	1.3628
Daily Pivot Point S2	1.3543
Daily Pivot Point S3	1.3496
Daily Pivot Point R1	1.376
Daily Pivot Point R2	1.3807
Daily Pivot Point R3	1.3892

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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