GBP/USD Price Analysis: Battles two-week-old hurdle below 1.3800

GBP/USD seesaws in a choppy range after easing from 1.3812.
Bullish MACD, upbeat RSI and sustained trading beyond immediate horizontal support favor bulls.
100-SMA adds to the upside filters, March low offers extra challenge for bears.

Anil Panchal FXStreet

Having snapped a two-day losing streak the previous day, GBP/USD cools down to 1.3785, staying inside a 10-pip range, during Thursday’s Asian session. In doing so, the quote justifies pullback from a downward sloping trend line from March 18.

However, strong MACD and RSI joins the cable’s sustained trading above a short-term horizontal area around 1.3730 keeps buyer hopeful.

It should be noted that a clear break of the immediate resistance line, at 1.3800, needs to cross the 100-SMA level of 1.3842 to convince GBP/USD bulls.

Meanwhile, a downside break of 1.3730 will have the previous month’s low around 1.3670 as an extra hope of a bounce.

Overall, GBP/USD is consolidating losses from late February but the road to recovery is bumpy.

GBP/USD four-hour chart

Trend: Further recovery expected

Additional important levels

Overview
Today last price	1.3784
Today Daily Change	44 pips
Today Daily Change %	0.32%
Today daily open	1.374

Trends
Daily SMA20	1.3856
Daily SMA50	1.3839
Daily SMA100	1.364
Daily SMA200	1.3279

Levels
Previous Daily High	1.3783
Previous Daily Low	1.3706
Previous Weekly High	1.3877
Previous Weekly Low	1.3671
Previous Monthly High	1.4243
Previous Monthly Low	1.3566
Daily Fibonacci 38.2%	1.3736
Daily Fibonacci 61.8%	1.3754
Daily Pivot Point S1	1.3703
Daily Pivot Point S2	1.3666
Daily Pivot Point S3	1.3626
Daily Pivot Point R1	1.378
Daily Pivot Point R2	1.3821
Daily Pivot Point R3	1.3858

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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