GBP/USD Price Analysis: Grinds higher past 1.3400 but bulls remain unconvinced

GBP/USD struggle to keep the upside break of the key Fibonacci retracement level.

Bearish MACD signals join sustained trading below previously important support to keep sellers hopeful.

Februarys double tops appear a tough nut to crack for buyers.

In addition to the cable pairs latest struggle in keeping the rebound, bearish MACD signals the clear break of the previously important support lines and moving averages also favor sellers.

However, a daily closing below the 61.8% Fibonacci retracement (Fibo.) of December-January upside, around 1.3385 will aim for Februarys low near 1.3275, with the 1.3300 likely acting as a buffer.

In a case where GBP/USD remains soft below 1.3275, the late 2021 trough near 1.3160 will be in focus.

On the contrary, buyers may take interest should the latest recovery moves cross the 50% Fibo. level surrounding 1.3455.

Even so, the 100-DMA and the support-turned-resistance line from December, respectively around 1.3500 and 1.3510, will challenge the GBP/USD bulls.

It should be noted that the double tops marked in February, near 1.3640-45, become crucial resistance.

GBP/USD: Daily chart