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.

Anil Panchal FXStreet

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

Additional important levels

Overview
Today last price	1.3136
Today Daily Change	22 pips
Today Daily Change %	0.17%
Today daily open	1.3114

Trends
Daily SMA20	1.2798
Daily SMA50	1.2626
Daily SMA100	1.2458
Daily SMA200	1.2708

Levels
Previous Daily High	1.3161
Previous Daily Low	1.3058
Previous Weekly High	1.317
Previous Weekly Low	1.2782
Previous Monthly High	1.317
Previous Monthly Low	1.236
Daily Fibonacci 38.2%	1.3122
Daily Fibonacci 61.8%	1.3097
Daily Pivot Point S1	1.3061
Daily Pivot Point S2	1.3008
Daily Pivot Point S3	1.2958
Daily Pivot Point R1	1.3165
Daily Pivot Point R2	1.3215
Daily Pivot Point R3	1.3268

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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