- GBP/USD accumulates gains in the early hours of the Asian session.
- More gains if price decisively breaks above 1.4225.
- Momentum oscillators tilt in favor of upside momentum.
The GBP/USD pair edges higher and locks decent gains on Tuesday. The pair opened on a positive note to touch the intraday high at 1.4227.
At the time of writing, GBP/USD trades at 1.4226, up 0.12% for the day.
GBP/USD 4-hour chart
-637581028671927254.png)
On the 4-hour chart, the GBP/USD pair has been consolidating in a broader range of 1.4100 and 1.4228. If price breaks the upside barrier, then it could offer more upside opportunities for the bulls. The first upside target could be located at the 1.4250 horizontal resistance level.
This would mark the fresh YTD high and would encourage GBP/USD to push higher toward the monthly high of 2018 at 1.4278 (February 2018) followed by the January 2018 high at 1.4345.
The Moving Average Convergence (MACD) indicator stays comfortably above the midline with a neutral stance. Any uptick in MACD would prompt the above mentioned fresh buying opportunities.
Alternatively, on the downside, price would meet the first stop at the 1.4200 horizontal support level. The price action could bring the earlier trading range back into action with the May 31 low at 1.4160, which coincides with the 20-hour Simple Moving Average (SMA).
If price drops below the SMA, then it would be calling for the 1.4120 horizontal support level thereafter.
GBP/USD Additional Levels
Share
