- GBP/USD remains on the front foot for the second consecutive day, renews intraday high of late.
- Bullish MACD, firmer RSI joins clear break of two-week-old descending trend line to favor bulls.
- Sellers need to break 1.1800 support area to retake control.
GBP/USD takes the bids to refresh intraday high around 1.1900 during Monday’s Asian session. In doing so, the Cable pair justifies its upside break of a two-week-old descending trend line.
Also keeping the pair buyers hopeful is the firmer RSI (14), not overbought, as well as bullish MACD signals.
However, a convergence of the 200-HMA and 38.2% Fibonacci retracement of July 04-14 downside, near 1.1915, acts as the validation point for the GBP/USD pair’s further advances.
Following that, the previous weekly top surrounding 1.1970 and the 1.2000 psychological magnet could challenge the pair buyers before directing them to the July 08 swing high near 1.2055.
Meanwhile, pullback remains elusive until the quote stays past the previous resistance line, around 1.1890 by the press time.
Even so, an upward sloping support line from the last Thursday and weekly horizontal region, respectively around 1.1830 and 1.1800, could challenge the GBP/USD bears.
Overall, GBP/USD recently cleared a short-term key hurdle and is ready to consolidate losses marked since mid-June.
GBP/USD: Hourly chart
Trend: Further upside expected
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