GBPUSD bulls cheer clear upside break of 50-DMA to poke six-week top, amid bullish MACD signals. However, a short-term horizontal hurdle close to 1.3515 joins nearly overbought RSI conditions to probe further upside. Even if the quote manages to stay past 1.3515, the 100-DMA and a descending trend line from June, respectively around 1.3570 and 1.3640, will challenge the cable buyers. It should, however, be noted that a successful rise above 1.3640 enables the pair to challenge October’s high of 1.3833.
On the contrary, a failure to cross the 1.3515 immediate hurdle could trigger the much-needed pullback towards the 50-DMA level of 1.3420. Following that, the monthly horizontal line, previous resistance near 1.3370, will be crucial to watch. Given the GBPUSD pair’s drop below 1.3370, bears might not hesitate to challenge the yearly low of 1.3160. Overall, GBPUSD buyers hold the controls but multiple resistances question further advances as the market approaches 2022.
On the contrary, a failure to cross the 1.3515 immediate hurdle could trigger the much-needed pullback towards the 50-DMA level of 1.3420. Following that, the monthly horizontal line, previous resistance near 1.3370, will be crucial to watch. Given the GBPUSD pair’s drop below 1.3370, bears might not hesitate to challenge the yearly low of 1.3160. Overall, GBPUSD buyers hold the controls but multiple resistances question further advances as the market approaches 2022.