GBP/USD has advanced beyond 1.3500 amid broad-based dollar weakness. But as FXStreet’s Eren Sengezer notes, cable closes in on key resistance at 1.3560 that could cap recovery.

Key resistance level seems to have formed at 1.3560

“The 100-period SMA on the four-hour chart and the Fibonacci 50% retracement of the latest downtrend form a stiff resistance at 1.3560. The 20-day SMA is also reinforcing that level. In case the pair rises above that hurdle and starts using it as support, it could target 1.3600 (psychological level, Fibonacci 61.8% retracement).”

“On the downside, 1.3500 (psychological level, 200-period SMA, Fibonacci 38.2% retracement) align as the first significant support before 1.3460 (Fibonacci 23.6% retracement).”