GBP/USD Price Analysis: Bulls again keep 1.4010 on radar

GBP/USD edges higher after refreshing five-top, also crossed 100-DMA.
Multiple levels marked since March challenge bulls despite upbeat RSI, Momentum.
July 12 top adds to the immediate support, early July low can lure buyers past 1.4010.

Anil Panchal FXStreet

GBP/USD seesaws around 1.3970 amid early Asian session trading on Friday, after renewing the multi-day tops the previous day. The cable pair rose past 100-DMA for the first time since June 23 on Thursday amid stronger RSI and Momentum lines.

However, a 20-week-old horizontal area surrounding 1.4005–10 becomes the key hurdle to the pair’s further upside, a break of which needs strong catalysts.

Given the Momentum line’s recent downtick, GBP/USD prices may witness a pullback towards 100-DMA retest, around 1.3920 by the press time. Though, early July’s wing high near 1.3910 and the 1.3900 threshold could test the sellers afterward.

Should the quote remains weak past 1.3900, the 200-DMA and July 02 lows surrounding 1.3730 will be in focus.

On the contrary, a successful upside clearance of 1.4010 enables the GBP/USD bulls to aim for the 1.4100 figures but multiple lows marked since mid-may could test the pair’s further rise.

In a case where the pair rallies past 1.4100, the 1.4190 and the yearly top near 1.4250 should lure the buyers.

GBP/USD: Daily chart

Trend: Bullish

Additional important levels

Overview
Today last price	1.3968
Today Daily Change	0.0065
Today Daily Change %	0.47%
Today daily open	1.3903

Trends
Daily SMA20	1.3801
Daily SMA50	1.3957
Daily SMA100	1.3924
Daily SMA200	1.3727

Levels
Previous Daily High	1.3911
Previous Daily Low	1.3843
Previous Weekly High	1.3787
Previous Weekly Low	1.3572
Previous Monthly High	1.4249
Previous Monthly Low	1.3787
Daily Fibonacci 38.2%	1.3885
Daily Fibonacci 61.8%	1.3869
Daily Pivot Point S1	1.386
Daily Pivot Point S2	1.3817
Daily Pivot Point S3	1.3792
Daily Pivot Point R1	1.3929
Daily Pivot Point R2	1.3955
Daily Pivot Point R3	1.3998

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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