GBP/USD Technical Analysis: Nears resistance of five-year-long falling trendline

GBP/USD has neared resistance of trendline sloping southwards from July 2014 high.
A break higher would bolster the bullish setup and yield a rally to 1.3381.

Omkar Godbole FXStreet Contributor

GBP/USD is better bid at press time and is 30 pips short of 1.3190 – the resistance of the trendline connecting July 2014 high and April 2018 low.

A weekly close higher would bolster the already bullish technical setup, as represented by the bull flag breakout on the weekly chart and an above-50 reading on the 14-week relative strength index.

The flag breakout has created room for a rally to levels above 1.37 (target as per the measured move method). On the way higher, the pair may encounter resistance of the lower high at 1.3381 (created in March 2019).

The bullish case would be invalidated if the pair reverses lower from the trendline resistance and finds acceptance below 1.30.

Weekly chart

Trend: Bullish

Technical levels

GBP/USD

Overview
Today last price	1.316
Today Daily Change	0.0001
Today Daily Change %	0.01
Today daily open	1.3159

Trends
Daily SMA20	1.292
Daily SMA50	1.277
Daily SMA100	1.252
Daily SMA200	1.2697

Levels
Previous Daily High	1.3167
Previous Daily Low	1.3098
Previous Weekly High	1.2952
Previous Weekly Low	1.2827
Previous Monthly High	1.2986
Previous Monthly Low	1.2769
Daily Fibonacci 38.2%	1.314
Daily Fibonacci 61.8%	1.3124
Daily Pivot Point S1	1.3116
Daily Pivot Point S2	1.3073
Daily Pivot Point S3	1.3047
Daily Pivot Point R1	1.3184
Daily Pivot Point R2	1.321
Daily Pivot Point R3	1.3253

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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