GBP/USD Price Analysis: Upside needs validation above the descending trendline near 1.3780

GBP/USD edges higher on Tuesday in the Asian trading hours.
The pair faces strong resistance near the 1.3770-1.3780 zone below the bearish slopping line.
MACD signals upside momentum with the underlying bullish sentiment.

Rekha Chauhan Independent Analyst

GBP/USD trades on a higher note on Tuesday. The pair opened lower but swiftly recovered to claim 1.3750, where it currently hovers.

GBP/USD daily chart

On the daily chart, the GBP/USD pair has been in the continuous downward trend since the high made on July 30 at 1.3983. The descending trendline from the mentioned level act as a strong barrier for GBP/USD. The spot trades above the 50-day Simple Moving Average (SMA) at 1.3716 makes bulls hopeful of some recovery.

If the pair sustains above the intraday high along with the break of the bearish slopping line that would mean GBP/USD bulls can test the psychological 1.3800 mark. A successful break of the 100-day SMA at 1.3812 could pave way for the 1.3850 horizontal resistance level.

The Moving Average Convergence Divergence (MACD) indicator holds onto the oversold zone. Any uptick in the MACD could bring some upside momentum for the spot. The bulls would approach the psychological 1.3900 level in that case.

Alternatively, a daily close below the 50-day SMA at 1.3714 would result in the continuation of the prevailing trend, with the first downside target at Friday’s low of 1.3667, followed by the 1.3555 horizontal support zone.

Next, the bears would not mind to takeout the 1.3500 horizontal support level.

GBP/USD additional levels

GBP/USD

Overview
Today last price	1.3758
Today Daily Change	0.0031
Today Daily Change %	0.23
Today daily open	1.3727

Trends
Daily SMA20	1.3621
Daily SMA50	1.3716
Daily SMA100	1.3815
Daily SMA200	1.3847

Levels
Previous Daily High	1.3766
Previous Daily Low	1.3709
Previous Weekly High	1.3773
Previous Weekly Low	1.3568
Previous Monthly High	1.3913
Previous Monthly Low	1.3412
Daily Fibonacci 38.2%	1.3731
Daily Fibonacci 61.8%	1.3744
Daily Pivot Point S1	1.3702
Daily Pivot Point S2	1.3678
Daily Pivot Point S3	1.3646
Daily Pivot Point R1	1.3759
Daily Pivot Point R2	1.379
Daily Pivot Point R3	1.3815

Author

Rekha Chauhan

Independent Analyst

Rekha Chauhan has been working as a content writer and research analyst in the forex and equity market domain for over two years.

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