- GBP/USD keeps recovery gains from 1.2252, the lowest in a month.
- RSI pullback favors further short-covering moves inside the bearish pattern.
- 200-HMA, June 24 top could challenge the bulls, the bears keep May month’s low on the table.
GBP/USD takes rounds to 1.2305 during the early Asian session on Tuesday. The pair bounced off the lowest since May 28 the previous day. However, a four-day-old descending trend channel formation continues to portray the quote’s weakness.
Even so, RSI pullback from the oversold region could offer an intermediate rise towards the pattern’s resistance line, at 1.2335 now. Though, a clear break of which could escalate the recovery moves towards a 200-HMA level near 1.2430.
Alternatively, the recent low around 1.2250 and the said channel’s support near 1.2240 might entertain the bears ahead of pushing them towards May month low of 1.2075.
It should, however, be noted that the quote’s weakness past-1.2075 might not hesitate to challenge the 1.2000 threshold.
GBP/USD hourly chart
Additional important levels
|Today last price||1.2307|
|Today Daily Change||-29 pips|
|Today Daily Change %||-0.24%|
|Today daily open||1.2336|
|Previous Daily High||1.2437|
|Previous Daily Low||1.2314|
|Previous Weekly High||1.2543|
|Previous Weekly Low||1.2314|
|Previous Monthly High||1.2601|
|Previous Monthly Low||1.2076|
|Daily Fibonacci 38.2%||1.2361|
|Daily Fibonacci 61.8%||1.239|
|Daily Pivot Point S1||1.2288|
|Daily Pivot Point S2||1.224|
|Daily Pivot Point S3||1.2166|
|Daily Pivot Point R1||1.241|
|Daily Pivot Point R2||1.2485|
|Daily Pivot Point R3||1.2533|
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