GBP/USD Price Analysis: Immediate falling channel keeps sellers hopeful around 1.2300
- 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.
During the quote’s further upside past-1.2430, 1.2500 round-figures and June 24 high close to 1.2545 could raise bars before recalling 1.2600 mark to the chart.
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
Trend: Bearish
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.
