- GBP/USD books modest gains in the Asian session.
- Interim resistance appears at 1.3920.
- Neutral MACD throws caution for any directional bet, wait-and-watch stance likely to work.
The GBP/USD pair is accumulating gains near 1.3900, a key psychological mark in the Asian session. The pair is moving in a close range of 30 pip, having traveled from the lows of 1.3887 to touch an intraday high of 1.3912.
At the time of writing, the GBP/USD pair is trading at 1.3912, up 0.19% on the day.
GBP/USD four hour chart
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On the four hour chart, the pair seems vulnerable near interim resistance offered at 1.3920 with multiple top formations. If prices sustained above the mentioned level, then the upward momentum would gather pace, pushing prices towards the 1.3950 horizontal resistance.
On moving higher, the efforts could be made to retest the April 29 highs in the vicinity of 1.3980 followed by the 1.4000 mark (April 20 high).
The Moving Average Convergence Divergence (MACD) indicator reads above the midline, with a downward bias. Any downtick would encourage market participants to look out for the 1.3880 horizontal support. It would also mark the break of the ascending trend line from the lows of 1.3801, which would open the gates for Thursday’s low at 1.3857.
Further south, the 1.3820 horizontal support could be probed.