GBP/USD Price Analysis: Weekly falling trend line holds the key to 1.3200 ahead of the BOE
- GBP/USD extends pullback from 1.3108 towards crossing immediate resistance line.
- MACD conditions, sustained trading beyond 1.3100 favor the bulls.
- An ascending trend line from July 28 restricts short-term downside.
GBP/USD takes the bids near 1.3135, up 0.21% on a day, during Thursday’s Asian session. The Cable recently bounced off 1.3108 to print a two-day winning streak. In doing so, the quote aims to confront an immediate resistance trend line.
With the MACD teasing bulls, the pair is more likely to overcome a downward sloping trend line from July 31, at 1.3160 now, which in turn could quickly propel the pair towards March high near 1.3200. However, July month’s high of 1.3170 may act as a validation point for the further rise.
Should the bulls remain dominant part-1.3200, the yearly top of 1.3261 and December 2019 peak surrounding 1.3515 could gain market attention.
On the contrary, 1.3100 acts as a nearby rest for the sellers during the fresh downside ahead of an ascending support line near 1.3025.
It’s worth mentioning that the pair’s declines below 1.3025 will not give free entry to sellers as 200-HMA near 1.3010 and the 1.3000 threshold will be the tough nut to break for the bears.
GBP/USD hourly 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.
