GBP/USD Price Analysis: Bulls look for entries only beyond 1.3030
|- GBP/USD fades upside momentum below the 1.3000 threshold.
- A one-week-old falling trend line, confluence of 100 and 200-bar EMAs question buyers.
- Sellers will wait to cheer the downside break of an ascending trend line from September 11.
GBP/USD stays sluggish around 1.2975 during Friday’s Asian session. In doing so, the cable fails to extend the previous day’s bounce off 1.2864 near the key upside hurdles.
Among them, a falling trend line from September 10, at 1.2997 now, nears the 1.3000 psychological magnet to challenge the buyers at first. Following that, a joint of 100-bar and 200-bar EMAs around 1.3030 becomes the key to watch.
With the MACD flashing bullish signals, the GBP/USD prices are likely to keep the upside momentum but will wait for a clear break above 1.3030 to challenge 1.3060 and September 04 low near 1.3175.
Meanwhile, the 1.2900 round-figures can entertain the intraday swing traders before diverting market attention to the short-term support line, currently around 1.2870.
Should there be a further downside past-1.2870, bears will target to refresh the monthly low of 1.2762.
GBP/USD four-hour chart
Trend: Further recovery expected
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