GBP/USD Price Analysis: 100-HMA defends buyers around mid-1.1500s
- GBP/USD remains on the front foot on a day despite the latest pullback.
- Firmer RSI, bullish MACD signals join upside break of weekly resistance line to favor buyers.
- Sellers have a bumpy road to travel before visiting March 2020 low.
GBP/USD remains on the buyer’s radar even after paring the daily gains around 1.1565 during early Tuesday morning in Europe. That said, the 100-HMA defends the cable pair buyers amid firmer RSI and bullish MACD signals.
Also keeping the GBP/USD bulls hopeful is the sustained trading beyond a downward sloping resistance line from June 30, now support around 1.1510.
It should be noted that an upward sloping support line from the previous day, near 1.1545, precedes the 1.1500 threshold to also challenge the GBP/USD sellers.
In a case where the Cable pair drops below 1.1500, the latest trough and the March 2020 bottom, respectively near 1.1445 and 1.1410, will be in focus.
Alternatively, the GBP/USD pair’s recovery moves could aim for the 200-HMA level near 1.1655.
Following that, the 1.1700 round figure and the August-end swing high at 1.1760 could lure the GBP/USD bulls.
It should be noted that July’s low also strengthens the 1.1760 hurdle, a break of which could give control to the bull’s hands.
GBP/USD: Hourly chart
Trend: Further recovery expected
Author
Anil Panchal
FXStreet
Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.
