GBP/USD Price Analysis: Portrays falling wedge on hourly chart below 1.2200
|- GBP/SD extends recoveries from 1.2162 to intraday high of 1.2191.
- 200-HMA adds to the upside resistance.
- Bears can refresh monthly low amid a gradual weakening.
GBP/USD rises to 1.2191, up 0.15% on a day, during Monday’s Asian session. In doing so, the Cable pair extends its recoveries from Friday’s low of 1.2162 while staying inside a bullish chart formation.
Considering the pair’s sustained trading below 200-HMA, bulls are less likely to enter immediately on the upside break of falling wedge resistance, at 1.2200 now.
However, a successful break of 1.2215, comprising 200-HMA, could propel the quote towards the last weekly top near 1.2300.
Meanwhile, a downside break below the formation’s support line of 1.2148 could challenge the monthly low near 1.2075.
Though, the pair’s extended fall below 1.2075 might not hesitate to challenge 1.2000 round-figures.
GBP/USD hourly chart
Trend: Bearish
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