- GBP/USD accepts offers to refresh intraday lows, staying within the symmetrical triangle formed two days ago.
- A clear upside break of the downtrend line a week ago keeps buyers hopeful and RSI conditions test upside bias.
- 200-HMA, two-week long resistance line challenges bulls, 1.1740 may act as additional downside filter.
GBP/USD refreshes intraday low sellers near 1.1810 Trying to do well ahead of key data / event in Europe early Friday morning. When doing this, the cable pair remains within a one-week-old triangle.
Given the falling RSI, quotes are likely to fall further to the support line of the said triangle, near 1.1800. A move to 1.1765 acts as an additional downside filter for GBP/USD sellers.
It should be noted that the latest bottom of the multiple supports near 1.1740 is near 1.1710, and the threshold of 1.1700 may challenge the cable bears.
Also, recovery action would require a breakout of the triangle resistance line at 1.1860 at press time to convince GBP/USD buyers.
Even if quotes rise above 1.1860, the 200-HMA level near 1.1900 may test the upward momentum.
If the pair breaks the 1.1900 mark, there are two – one week resistance near 1.1935 or the end of a bear market A line of defense. GBP/USD: Hourly Chart )
TREND: FURTHER WEAKNESS
Unless otherwise expressly mentioned in the text of the article, at the time of writing, the author is in any stock mentioned No positions are in this article and have no business relationship with any of the companies mentioned. Other than from FXStreet, the author did not receive any compensation for writing this article.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness or suitability of this information. FXStreet and the author shall not be liable for any errors, omissions or any loss, injury or damage arising out of this information and its display or use. Errors and omissions excluded.
The author and FXStreet are not registered investment advisors and nothing in this article is investment advice.
