GBP/USD Price Analysis: 100-bar SMA guards immediate upside towards 1.2900
|- GBP/USD pick-up bids as US dollar drops across the board with the start of the presidential debate.
- Bullish MACD, sustained trading beyond 50-bar SMA keep buyers hopeful.
- Sellers will have extra challenge near 1.2775/70 area.
GBP/USD picks up bids around 1.2865/70 during the early Wednesday. The pair recently gained from the USD weakness during the first face-off between US President Donald Trump and his election rival Joe Biden.
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Even so, buyers are waiting for a clear break above the 100-bar SMA level of 1.2865 to attack the 1.2900 threshold. Also acting as an immediate upside barrier is the weekly top near 1.2930.
Should the bulls manage to conquer 1.2930, September 16 peak close to the 1.30000 psychological magnet will be the key to watch.
On the flip side, GBP/USD sellers will have to crack 50-bar SMA support of 1.2809 to revisit multiple support zone near 1.2775/70, comprising lows and highs marked since September 11.
In a case where the bears keep the throne after 1.2770, the monthly low of 1.2675 will be in the spotlight.
GBP/USD four-hour chart
Trend: Further recovery expected
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