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- GBP/USD Price Analysis: Pokes fortnight-old hurdle below 1.2050 inside falling wedge
GBP/USD Price Analysis: Pokes fortnight-old hurdle below 1.2050 inside falling wedge
- GBP/USD stays on the front foot inside a bullish chart pattern after rising the most in three weeks.
- Immediate descending trend line challenge buyers ahead of the 1.2155-60 key resistance.
- 20-DMA adds strength to the upside barrier, sellers have a bumpy road to the south.
GBP/USD buyers attack a two-week-old resistance line while extending the previous day’s run-up to Friday’s Asian session. That said, the Cable pair picks up bids to 1.2030 after rising the most in nearly three weeks. In doing so, the quote remains inside a two-month-long falling wedge bullish chart pattern.
Considering the quote’s rebound from the stated bullish formation’s support line, coupled with an improvement in the RSI (14), the latest rebound is expected to overcome the immediate hurdle surrounding 1.2030-35.
The same could propel the pair towards the wedge’s resistance line, also nearing the 20-DMA, around 1.2155-60 key hurdle.
Should the GBP/USD prices rally beyond 1.2160, it could confirm the theoretical run-up beyond 1.2800. However, the highs marked during mid-June and May, respectively around 1.2410 and 1.2665 could challenge the upside momentum.
On the contrary, pullback moves may take a breather near the 1.2000 psychological magnet before revisiting the recent multi-month low of 1.1876.
However, the lower line of the stated wedge, at 1.1861 by the press time, will challenge the GBP/USD bears afterward.
GBP/USD: Daily chart
Trend: Further recovery expected
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