- GBP/USD remains on the front foot for the 2nd consecutive day, renews intraday substantial of late.
- Bullish MACD, firmer RSI joins obvious break of two-week-aged descending craze line to favor bulls.
- Sellers want to split 1.1800 guidance spot to retake command.
GBP/USD requires the bids to refresh intraday significant all over 1.1900 during Monday’s Asian session. In executing so, the Cable pair justifies its upside split of a two-7 days-old descending trend line.
Also holding the pair buyers hopeful is the firmer RSI (14), not overbought, as well as bullish MACD alerts.
Having said that, a convergence of the 200-HMA and 38.2% Fibonacci retracement of July 04-14 draw back, close to 1.1915, acts as the validation position for the GBP/USD pair’s even further advancements.
Next that, the former weekly best surrounding 1.1970 and the 1.2000 psychological magnet could obstacle the pair customers just before directing them to the July 08 swing substantial in close proximity to 1.2055.
Meanwhile, pullback stays elusive right until the estimate stays past the earlier resistance line, close to 1.1890 by the press time.
Even so, an upward sloping support line from the last Thursday and weekly horizontal location, respectively all-around 1.1830 and 1.1800, could problem the GBP/USD bears.
General, GBP/USD not long ago cleared a brief-term crucial hurdle and is completely ready to consolidate losses marked since mid-June.
GBP/USD: Hourly chart
Trend: Even more upside expected