GBP/USD Price Analysis: Bounces off 200-HMA inside short-term rising channel

GBP/USD fails to extend Friday’s losses while staying beyond 1.2900 mark.
Normal RSI, bullish chart pattern offer additional clues for the bulls to watch.
Sellers may eye the monthly low on conquering the channel’s support.

Anil Panchal FXStreet

GBP/USD print mild gains around 1.2930 during the initial Asian trading on Monday. The Cable recently picked up bids after taking a U-turn from 200-HMA. While considering the normal RSI conditions and the latest bounce, not to forget a one-week-old ascending trend channel formation, the quote is likely to print further recovery.

In doing so, 1.2945/50 and 1.2975 may offer immediate resistance to the buyers ahead of Friday’s top near the 1.3000 threshold.

During the quote’s run-up beyond 1.3000, 50% Fibonacci retracement of September 04-11 downside, at 1.3040, can become GBP/USD buyers’ favorite ahead of the resistance line of the aforementioned rising channel, currently around 1.3055.

Alternatively, the lower line of the channel, at 1.2900, can add a floor to the pair’s downside below the 200-HMA level of 1.2911.

Though, GBP/USD weakness below 1.2900 may attack the monthly bottom surrounding 1.2765/60.

GBP/USD hourly chart

Trend: Further recovery expected

Additional important levels

Overview
Today last price	1.2932
Today Daily Change	16 pips
Today Daily Change %	0.12%
Today daily open	1.2916

Trends
Daily SMA20	1.3099
Daily SMA50	1.2999
Daily SMA100	1.2716
Daily SMA200	1.273

Levels
Previous Daily High	1.3
Previous Daily Low	1.2915
Previous Weekly High	1.3007
Previous Weekly Low	1.2777
Previous Monthly High	1.3396
Previous Monthly Low	1.2982
Daily Fibonacci 38.2%	1.2947
Daily Fibonacci 61.8%	1.2967
Daily Pivot Point S1	1.2887
Daily Pivot Point S2	1.2858
Daily Pivot Point S3	1.2802
Daily Pivot Point R1	1.2972
Daily Pivot Point R2	1.3029
Daily Pivot Point R3	1.3057

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.

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