GBP/USD: Buyers could continue to dominate in case 1.1440 resistance fails

GBP/USD advanced to a fresh two-week high above 1.1400 on Tuesday. The pair needs to clear 1.1440 to keep its bullish bias, FXStreet’s Eren Sengezer reports.

Cable needs to clear 1.1440 to extend rally

“On the upside, 1.1440 (200-period SMA) aligns as key resistance. In case buyers flip that level into support, GBP/USD could target 1.1500 (psychological level) and 1.1600 (psychological level).”

“The ascending trend line coming from September 28 aligns as key support at 1.1350 ahead of 1.1300 (psychological level, Fibonacci 61.8% retracement of the latest downtrend) and 1.1225 (100-period SMA).”