GBPUSD’s latest bullish thrust near the nine-month trough of 1.3411 is heading for a nearby tough resistance zone shaped by the Ichimoku cloud’s floor at 1.3614 and the 1.3700 handle. The 200-day SMA is promoting a more neutral trend, while the bearish 50- and 100-day SMAs are endorsing the negative trajectory.
Currently, the Ichimoku lines are not indicating a clear direction in the pair, while the short-term oscillators are showing that positive momentum is picking up. The MACD, in the negative region, is slowing below its red trigger line, while the RSI is climbing in the bearish territory. The positively charged stochastic oscillator is also promoting additional gains in the pair.
If the price holds its current course, buyers may face a preliminary fortified resistance zone from 1.3614 until the 1.3700 hurdle, the former being where the Ichimoku lines are also lying, and the latter being adjacent to the 50-day SMA and the cloud’s upper limit. Successfully overstepping this border, the 100-day SMA at 1.3743 could impede buyers from challenging the resistance band from 1.3803 to 1.3849. Should the bulls be victorious, they may push higher towards the 1.3912 high before tackling the 1.3981 and 1.4000 barriers, identified on July 29 and June 23 respectively.
If positive forces start to wane as the price approaches the cloud, sellers could turn their focus towards the support base of 1.3411-1.3449. If this support barricade fails to negate negative forces from snowballing, the price could dive for a December 2020 low at 1.3303. Should the bears push beneath the 1.3300 mark, the pair could sink, aiming for the 1.3186 trough.
Summarizing, GBPUSD is exhibiting a slight negative tendency below the Ichimoku cloud, the SMAs and the 1.3700 border, despite buyers’ fresh bullish response.
