GBP/USD Price Analysis: Bulls keep the reins near 1.2050 within ascending triangle
- GBP/USD grinds near intraday high, pokes immediate horizontal resistance.
- Bullish MACD signals, sustained trading beyond 200-HMA keep buyers hopeful.
- 12-day-old trading zone restricts Cable pair moves past 1.2050-15 immediate range.
GBP/USD picks up bids to reverse the week-start losses around 1.2045 heading into Tuesday’s London open. In doing so, the Cable pair buyers poke the top line of a three-day-old ascending triangle.
It’s worth noting, however, that the quote’s successful trading above the 200-Hour Moving Average (HMA) joins the bullish signals from the MACD indicators to keep the GBP/USD buyers hopeful.
As a result, an upside break of the immediate horizontal resistance near 1.2050, forming part of the aforementioned triangle, becomes imminent.
Following that, the last Wednesday’s swing high near 1.2090 and 1.2100 could test the GBP/USD buyers before directing them to the two-week-old horizontal resistance area surrounding 1.2145-50.
On the contrary, a downside break of the stated triangle’s lower line, near 1.2025 by the press time, needs validation from the 200-HMA level of 1.2015 to convince GBP/USD bears.
Even so, the 1.2000 psychological magnet and 1.1960 level may test the Cable pair seller before directing them to a broad support zone between 1.1915 and 1.1930, stretched from February 17.
In a case where the GBP/USD sellers conquer the 1.1915 support, the 1.1900 round figure may act as an extra filter towards the south.
Overall, GBP/USD is likely to print more gains but the upside room appears limited.
GBP/USD: Hourly chart
Trend: Limited upside expected