GBP/USD Technical Analysis: Climbs beyond 200-hour SMA to test ascending trend-channel resistance
|• The pair built on its recent bounce from over two-month lows and continued gaining some positive traction for the third consecutive session on Tuesday.
• The momentum has now lifted the pair above 200-hour SMA to test a resistance marked by the top end of a short-term ascending trend-channel formation.
• Technical indicators on hourly charts have been gaining positive traction and support prospects for an extension of the ongoing recovery momentum.
• Meanwhile, the mentioned hurdle coincides with a previous confluence support break-point - comprising of 200-day SMA and a descending triangle pattern support.
• With oscillators on the daily chart are yet to catch up with the up-move, any subsequent recovery seems more likely to fizzle out near the key 1.30 psychological mark.
GBP/USD 1-hourly chart
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