GBP/USD Price Analysis: Bounces off monthly support line as bulls attack 1.1500

• GBP/USD picks up bids to refresh intraday high, pares the biggest daily loss in a month.
• Bullish MACD signals, steady RSI favor the pair’s rebound from five-week-long ascending trend line.
• Bears need validation from 1.1315-10 to retake control.

GBP/USD renews intraday top near 1.1500 while bouncing off short-term key support during early Tuesday, after posting the biggest daily loss in a month the previous day.

The cable pair’s recovery from an upward-sloping trend line from late September also takes clues from the bullish MACD signals and the firmer RSI (14) to keep buyers hopeful.

However, the 61.8% Fibonacci retracement of the GBP/USD pair’s August-September downside, around 1.1545, challenges the quote’s immediate upside.

Following that, a seven-week-old descending resistance line near 1.1630 appears as the last defense of the GBP/USD bulls, a break of which could direct them to September’s peak around 1.1740.

Alternatively, a downside break of the adjacent support line, close to 1.1460 at the latest, isn’t an open invitation to the pair sellers. That said, a convergence of the 21-DMA, 50% Fibonacci retracement level and an ascending trend line from September 26 constitute a tough nut to crack for the pair sellers around 1.1315-10.

During the GBP/USD weakness past 1.1310, October’s low near 1.0925 will gain major attention.

GBP/USD: Daily chart

Trend: Further downside expected