Market Analysis: GBP/USD Pushes HigherMarket Analysis: GBP/USD Pushes Higher
GBP/USD is showing strength above 1.3450 and 1.3500.
Important Takeaways for GBP/USD Analysis Today
- The British Pound is attempting a fresh increase above 1.3500.
- There is a key bullish trend line forming with support near 1.3550 on the hourly chart of GBP/USD.
GBP/USD Technical Analysis
On the hourly chart of GBP/USD, the pair remained well-bid above 1.3400. The British Pound started a decent increase above 1.3475 against the US Dollar.
The bulls were able to push the pair above the 50-hour simple moving average and 1.3500. The pair even climbed above 1.3550 and traded as high as 1.3594. Recently, there was a pullback below 1.3575 and the 23.6% Fib retracement level of the upward move from the 1.3399 swing low to the 1.3594 high.
However, the bulls were active near the 1.3520 support. The pair is again rising above 1.3540. There is also a key bullish trend line forming with support near 1.3550.
On the upside, the GBP/USD chart indicates that the pair is facing resistance near 1.3575. The next hurdle for the bulls could be 1.3595. A close above 1.3595 could open the doors for a move toward 1.3640.
Any more gains might send GBP/USD toward 1.3720. On the downside, the bulls might remain active near the same trend line at 1.3550. If there is a downside break below 1.3550, the pair could accelerate lower.
The first major support is at 1.3520, below which the pair could test the 50% Fib retracement at 1.3495. The next key area for the bulls could be 1.3475, below which the pair could test 1.3445. Any more losses could lead it toward 1.3400.
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