- Choppy between a small range with 50-HMA providing an additional filter.
- 100-HMA is likely resistance to lure buyers past-1.2570.
Having failed to clear 1.2570, the GBP/USD pair rests on 50-HMA near 1.2555 while heading into the UK open on Wednesday.
Other than 50-hour moving average (50-HMA) Tuesday’s early tops near 1.2545 can also question the pair’s declines, if not 1.2505 should be on the bears’ call.
Given the pair’s extended downpour past-1.2505, December 2018 low of 1.2477 may opt for the comeback.
Meanwhile, 38.2% Fibonacci retracement and 100-HMA can hold the pair confined near 1.2605 if it manages to clear 1.2570 immediate upside barrier.
Furthermore, 50% and 61.8% Fibonacci retracements around 1.2632 and 1.2665 might entertain buyers ahead of challenging them with 1.2710.
GBP/USD hourly chart
- R3 1.264
- R2 1.2603
- R1 1.258
- PP 1.2543
- S1 1.2521
- S2 1.2484
- S3 1.2461
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