GBP/USD technical analysis: Bulls and bears jostle between 100-HMA, immediate support-line

100-HMA can limit bounce off 38.2% Fibonacci retracement.
10-day old ascending trend-line caps the downside.

Anil Panchal FXStreet

Having bounced off 38.2% Fibonacci retracement of May-end to June-start upside, the GBP/USD remains modestly flat as it trades near 1.2690 ahead of the UK open on Thursday.

While 100-hour moving average (HMA) at 1.2710 limits the pair’s immediate upside, the aforementioned trend-line figure of 1.2675 becomes the key for sellers.

Should prices respect gradually recovering 14-bar relative strength index (RSI) by crossing 1.2710 upside barrier, 1.2730 and 1.2765 are likely following number to appear on the chart.

Alternatively, a downside break of 1.2675 can drag the pair to 1.2650 and then to 1.2610.

In a case where bears refrain from respecting 1.2610, May-end bottom surrounding 1.2560 could become bears’ favorites.

GBP/USD hourly chart

Trend: Sideways

1. R3 1.2817
2. R2 1.2788
3. R1 1.2739
PP 1.271
1. S1 1.2661
2. S2 1.2632
3. S3 1.2583

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.

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