GBP/USD technical analysis: Choppy between 1.2525, 23.6% Fibo.

RSI recovers from oversold conditions indicating price pullback on the upside.
1.2480/77 holds the key to fresh south-run.

Anil Panchal FXStreet

With the British Pound (GBP) buyers waiting for the monthly employment data, GBP/USD clings to 1.2515 ahead of the UK open on Tuesday.

The pair has been choppy between 23.6% Fibonacci retracement of late-June to early month declines, at 1.2510 and 1.2525 off-late. However, recovery of 14-bar relative strength index (RSI) from oversold conditions favor the pair’s upside more than otherwise.

In doing so, the 50-hour moving average (50-HMA) level of 1.2545 can offer an intermediate halt to the rally towards monthly top surrounding 1.2580.

Alternatively, the pair’s break of 1.2510 highlights the importance of 1.2480/77 horizontal support area that holds the key to the downpour in the direction to 1.2440, 1.2430 and the 1.2400 round-figure.

GBP/USD hourly chart

Trend: Sideways

1. R3 1.2629
2. R2 1.2604
3. R1 1.256
PP 1.2535
1. S1 1.249
2. S2 1.2465
3. S3 1.2421

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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