- 100-HMA can limit bounce off 38.2% Fibonacci retracement.
- 10-day old ascending trend-line caps the downside.
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
- R3 1.2817
- R2 1.2788
- R1 1.2739
- PP 1.271
- S1 1.2661
- S2 1.2632
- S3 1.2583
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