Technical Analysis: GBPUSD braces for 1.4240 resistance confluence

Technical Analysis: GBPUSD braces for 1.4240 resistance confluence

With the UK employment data portraying surprise optimism for the GBPUSD traders, the cable pair’s sustained break above the previous high of the month, near 1.4165, gains extra strength to challenge February 25 top near 1.4180. It should, however, be noted that an ascending trend line from April 20 and the yearly high will test the GBPUSD bulls amid overbought RSI afterward.

Alternatively, 1.4100 round-figure and 1.4050-45 may entertain counter-trend traders during the quote’s pullback. However, GBPUSD sellers aren’t likely to get serious until the pair trades above 1.4000 psychological magnet surrounded by multiple highs marked since early March. It’s worth mentioning that 100-day SMA and an ascending support line from December 11 close to 1.3820-30 becomes a tough nut to crack for the bears.

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