GBPUSD Price Analysis: Bulls approach key resistance line near 1.1550

• GBPUSD remains mildly bid during three-day uptrend, seesaws around weekly top.
• Bullish MACD signals, sustained break of 50-DMA favor buyers.
• The road to the north is bumpy and long unless crossing 1.1680.

GBPUSD grinds near intraday high while printing mild gains surrounding 1.1530 during early Tuesday. In doing so, the Cable pair remains firmer for the third consecutive day as buyers rush towards a downward-sloping resistance line from early August, around 1.1550 by the press time.

Underpinning the bullish bias is the pair’s successful trading beyond the 50-DMA, as well as the upbeat MACD signals.

However, the quote’s upside past 1.1550 appears troublesome as the descending trend line from September 13 and the 100-DMA could challenge the bulls around 1.1615 and 1.1680 respectively.

In a case where the GBPUSD bulls manage to cross the 1.1680 hurdle, September’s monthly peak of 1.1740 could act as the last defense for the bears.

Meanwhile, pullback moves remain elusive unless the pair stays beyond the 50-DMA level of 1.1332.

Also acting as the downside filters are the five-week-old ascending trend line and the recent swing low, close to 1.1275 and 1.1150 in that order.

Hence, the GBPUSD buyers are likely to keep the reins but the pair’s upside move is expected to be a slower one.

GBPUSD: Daily chart

Trend: Limited upside expected