GBP/USD analysis: limited recovery within Friday's gain
|GBP/USD Current price: 1.3017
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The GBP/USD pair spiked higher this Tuesday, recovering above the 1.3000 level, but not that much, after reaching 1.3026 as the dollar eased late in the US afternoon. There were no relevant macroeconomic releases in the UK, and the calendar will remain scarce until next Friday, when the kingdom will release its final revision of the Q2 GDP. As for the technical picture, the recovery stalled short of the 23.6% retracement of the latest daily decline between 1.3420 and 1.2914 at 1.3040, now the immediate resistance. The short term picture favors some additional recoveries, particularly if the price manages to extend beyond the mentioned level, as in the 1 hour chart, the price accelerated its advance above a now bullish 20 SMA, while the technical indicators present modest bullish slopes within positive territory. In the 4 hours chart, the price is now above a still bearish 20 SMA, around 1.2985, while the technical indicators extend their recovery into positive territory, maintaining their upward strength ahead of the Asian opening.
Support levels: 1.2985 1.2950 1.2910
Resistance levels: 1.3040 1.3075 1.3110
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