GBP/USD Price Analysis: Bulls eye clear break of 1.3700

GBP/USD picks up bids around 1.3660 during the early Asian trading session on Thursday. The cable jumped to the fresh high since May 2018 the previous  |  20/01/2021 22:34
  • GBP/USD remains on the front foot after three consecutive days of uptrend.
  • Sustained trading beyond 200-bar SMA, one-month-old support line favor bulls.
  • Multiple highs marked so far during January guard immediate upside.

GBP/USD picks up bids around 1.3660 during the early Asian trading session on Thursday. The cable jumped to the fresh high since May 2018 the previous day. However, the quote dropped back to the sub-1.3700 area before bouncing off 1.3623 off-late.

Considering the pair’s successful trading above 200-bar SMA, bullish MACD and an upward sloping trend line from December 21, GBP/USD bulls can stay hopeful to break multiple tops around 1.3700 marked during the current month.

Following that, February 2018 low near 1.3765 and the 1.3800 threshold could lure the GBP/USD buyers ahead of highlighting the 1.4000 psychological magnet.

On the downside, the aforementioned support line and 200-bar SMA, respectively around 1.3590 and 1.3505, followed by the 1.3500 round-figure, restricts sterling’s immediate declines. Also acting as strong short-term support is the monthly low near 1.3450.

In a case where GBP/USD sellers dominate past-1.3450, December 22 low near 1.3300 could become their rest-point during the journey towards the previous month’s bottom of 1.3134.

GBP/USD four-hour chart

Trend: Bullish

 

Share

Popular News

Show More Popular News

Market Insight's Views

Market Insight analyses will provide both fundamental and technical comprehensions on FX
and other asset classes for Market Insight viewers

RISK WARNING

The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.

If such information is acted upon by you then this should be solely at your discretion and GKFX will not be held accountable in any way.

  • ForexF
  • IndicesI
  • CommoditiesC
        Back

        Login to Market Insight Account

        Your Market Insight account gives you access to the tools that we offer our customers including our
        Technical Studies & Sentiment for your accounts.

        Forgot Password?

        Don't you have a Market Insight account? With a few easy steps you can easily register to Market Insight

        Create a Market Insight's Account

        Your Market Insight account gives you access to the tools that we offer our customers including our Technical Studies & Sentiment for your accounts.

        register_ty

        Thank you!

        Welcome to Market Insight family!

        You have succesfully completed the registration.
        We will send you an e-mail to give you some
        instructions and our Terms and Conditions!
        Our account representatives will be contacting you as
        soon as possible. If you have any further questions
        please do not hesitate to mail us via info@marketinsight.com