GBPUSD is stalling around the red Tenkan-sen line at 1.3677, after a small retreat from the recently reached multi-year high of 1.3758. Nevertheless, the bullish Ichimoku lines are portraying growing positive momentum, while the steadfast simple moving averages (SMAs) are all backing the firm broader uptrend.
The short-term oscillators are conveying mixed signals in directional momentum but appear to favour an optimistic outcome. The MACD, some distance above zero, is floating beneath its flattening red trigger line, while the upwards pointing RSI is persisting in bullish territory. However, the negatively charged stochastic oscillator is promoting further fading in the price.
If buying interest increases, early upside limitations could arise from the resistance section of 1.3745-1.3792, which also contains the near 33-month high of 1.3758. Resuming the uptrend, the bulls may propel towards the 1.3890 barrier from May of 2018. Should this positive drive mature, the pair could then target the 1.4000 hurdle.
Alternatively, if sellers manage to steer the price below the 1.3600 boundary, support could then come in at 1.3520, this being the 50-day SMA. Slipping past the 50-day SMA, the region of lows from 1.3450 until 1.3428 could then attempt to dismiss any deeper retracement. Yet, if the pair dives from here, the bears could seek rest at the 1.3303 border.
Summarizing, pullbacks in price seem to be powerless against the robust uptrend in GBPUSD, as long as the pair remains above the SMAs and the 1.3428-1.3450 barrier.
