Home GBP/USD Price Analysis: Flirts with two-week-old resistance below 1.3200
FXStreet News

GBP/USD Price Analysis: Flirts with two-week-old resistance below 1.3200

  • GBP/USD seesaws around short-term key resistance line after refreshing two-month high.
  • Upbeat RSI conditions keep buyers hopeful above 200-bar SMA.

GBP/USD stays positive around 1.3175, up 0.15% intraday, during Monday’s Asian session. The early Asian up-tick to 1.3182 extended the pair’s run-up to the fresh high since September 07 amid the price-positive RSI conditions.

Even so, a clear break beyond an ascending trend line from October 27, currently around 1.3175/80 becomes necessary for the GBP/USD bulls to aim for the 1.3200 threshold.

During the quote’s further upside past-1.3200, the August 19 high near 1.3270 can offer an intermediate halt to the north-run towards September’s peak surrounding 1.3485.

On the flip side, the 1.3100 round-figure and last Wednesday’s high of 1.3050 can restrict the pair’s pullback moves before directing the GBP/USD sellers toward a 200-bar SMA level of 1.2962.

Should there be a clear downside past-1.2962, the monthly low near 1.2855 can return to the charts.

GBP/USD four-hour chart

Trend: Bullish

 

FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.