GBP/USD Price Analysis: Bulls face rejection near 1.4200 multi-month high

GBP/USD consolidates below the 1.4200 marks on Wednesday.
Bears look out for an opportunity below the 50-hour SMA on the hourly chart.
Neutral MACD asks for confirmation before any aggressive bets.
The GBP/USD pair extends the previous day’s consolidation move within the Asian session. The pair is confined during a narrow trading band of 1.4140-1.4160 for the nonce.

At the time of writing, the GBP/USD pair is trading at 1.4164, up 0.07% for the day.

GBP/USD hourly chart

On the hourly chart, the pair has been marking submissive moves near the 1.4160 mark. The mentioned level coincides with multiple resistance confluence, making it hard for the pair to interrupt above this level.

The downward line from the highs of 1.4211 acts as a robust barrier to cost. If the worth breaks the 50-hour Simple Moving Average (SMA) at 1.4154, then interim support might be found at the 1.4150 horizontal prices.

The receding Moving Average Convergence Divergence (MACD) indicator hints at more downside in price. The bears would look out for the MAY 17 low at 1.4077 followed by the May 14 low at 1.4036.

Alternatively, if price decisively breaks the bearish sloping line, then it could trace back to the 1.4190 horizontal resistance level. In doing so, GBP/USD bulls would gather the momentum to recoup the 1.4220 horizontal resistance level.

The pair is then looking to retest the amount last seen in late February near the 1.4240 area.

GBP/USD Additional Levels
GBP/USD
OVERVIEW
Today last price 1.4164
Today Daily Change 0.0010
Today Daily Change % 0.07
Today daily open 1.4154

TRENDS
Daily SMA20 1.4042
Daily SMA50 1.3911
Daily SMA100 1.3854
Daily SMA200 1.3512

LEVELS
Previous Daily High 1.4211
Previous Daily Low 1.4116
Previous Weekly High 1.4234
Previous Weekly Low 1.4077
Previous Monthly High 1.4009
Previous Monthly Low 1.3669
Daily Fibonacci 38.2% 1.4152
Daily Fibonacci 61.8% 1.4175
Daily Pivot Point S1 1.4109
Daily Pivot Point S2 1.4065
Daily Pivot Point S3 1.4014
Daily Pivot Point R1 1.4205
Daily Pivot Point R2 1.4256
Daily Pivot Point R3 1.43

 

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