- GBP/USD holds on to recovery moves above 1.3700.
- Sustained trading beyond 200-HMA, immediate rising support line and bullish MACD favor another attempt to break the key resistance line.
GBP/USD eases from intraday high of 1.3740 to 1.3730 during Monday’s Asian session. In doing so, the cable keeps its run-up beyond 200-HMA and an upward sloping trend line from Thursday amid bullish MACD.
As a result, the bulls are all trying to re-attack the horizontal hurdle around 1.3757-58, a break of which will eye for the March 2018 peak surrounding 1.3775 and the 1.3800 threshold.
It should, however, be noted that the GBP/USD buyers’ dominance past-1.3800 mark will eye for the early April 2018 low near 1.3965 before challenging the 1.4000 psychological magnet.
Alternatively, a downside break of the short-term support line, at 1.3720 now, should quickly drag the quote to a 200-HMA level of 1.3686.
In a case where the GBP/USD sellers keep the reins below 1.3686, the monthly low of 1.3566 will be in the spotlight.
GBP/USD hourly chart