- The sustained trading beyond 23.6% Fibonacci retracement, 100-HMA favors the GBP/USD pair’s on-going recovery.
- A horizontal-line comprising early-month low, current-week high acts immediate key resistance.
Despite failing to grow past-early month lows, GBP/USD remains on the road to recovery as it takes the rounds to 1.2550 ahead of the UK open on Friday.
While gradual recovery of the 14-bar relative strength index (RSI) signals the pair’s upside, the horizontal area around 1.2570, comprising early-month low and current-week high, acts as key immediate resistance for the pair.
On the beak of 1.2570, 50% Fibonacci retracement of the latest downpour ending on July 09 at 1.2587 can please the buyers whereas 1.2600 and 1.2630 could be next on their radars.
Alternatively, 23.6% Fibonacci retracement and 100-hour moving average (HMA) close to 1.2505/10 can limit near-term declines of the pair.
Should there be additional weakness past-1.2505, current month low surrounding 1.2440 and the year 2019 bottom around 1.2430 seem crucial to watch.
GBP/USD hourly chart
- R3 1.2648
- R2 1.261
- R1 1.2565
- PP 1.2527
- S1 1.2482
- S2 1.2444
- S3 1.24
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.