Saturday, June 10, 2023
HomeUncategorizedGBP/USD Price Analysis: Retracement to 1.1800 but bears have a bumpy road...

GBP/USD Price Analysis: Retracement to 1.1800 but bears have a bumpy road ahead

  • 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 )


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