GBP/USD Price Analysis: 19-day-old support line probes pullback from three-month top
GBP/USD wavers around 1.3350, recently picking up bids near 1.3355, during early Friday. In doing so, the pair stops the previous day’s U-turn from the highest since September 02 while testing an upward sloping trend line from November 02.
With the RSI conditions a bit lower than the overbought, the latest recovery in the GBP/USD price can continue justifying the bounce from a strong support line towards the monthly high near 1.3400.
GBP/USD downside contained at 1.3320, returns above 1.3350
The sterling has been rejected on its first attempt to break 1.3400 on Thursday’s early trading and the pair retreated to session lows at 1.3320 where it has found support to return to the mid-range of 1.3300.
The pound is losing ground on a thinned Thanksgiving session, retreating from 12-week highs after having rallied in eight out of the last nine trading days. The lack of progress on the Brexit negotiations is undermining GBP bulls while the talks continue in an attempt to bring positions closer in key issues.
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