GBP/USD Price Analysis: Pierces one-week-old resistance line in search of fresh 2023 high

• GBP/USD grinds higher after crossing one-week-long descending trend line, up for the second consecutive day.
• Looming bull cross on MACD, sustained trading above short-term key support line, 100-SMA favor Cable buyers.
• Bears need validation from 1.2180 to retake control.

GBP/USD prints mild gains around 1.2430 as traders await the week’s key catalysts headlines into Wednesday’s London open.

Also read: GBP/USD stays defensive above 1.2400, focus on US inflation, BoE’s Bailey and Fed Minutes

In doing so, the Cable pair struggles to cheer the recent upside break of the one-week-old descending trend line, now immediate support around 1.2415.

However, an impending bull cross on the MACD indicator joins the GBP/USD pair’s successful trading above 100-SMA and an upward-sloping trend line from March 24 keeps the buyers hopeful.

As a result, the bulls can ignore the latest inaction while keeping their eyes on the Year-To-Date (YTD) high of 1.2525, marked earlier in April.

Following that, the 1.2600 round figure and the May 2022 peak of around 1.2665 will be in focus.

Meanwhile, GBP/USD may witness intraday selling on a clear downside break of the nearby resistance-turned-support line of around 1.2415.

In that case, the three-week-old support line and the 100-SMA, respectively near 1.2370 and 1.2355, will be in focus.

It’s worth noting, however, that the GBP/USD bears should remain cautious until witnessing a daily closing below the one-month-long horizontal support zone surrounding 1.2200-2180.

Overall, GBP/USD remains on the bull’s radar even if the pre-data anxiety prods upside momentum of late.

GBP/USD: Four-hour chart

Trend: Further upside expected