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- GBP/USD Price Analysis: Cable buyers run out of steam below 1.2595 hurdle
GBP/USD Price Analysis: Cable buyers run out of steam below 1.2595 hurdle
- GBP/USD struggles after refreshing 11-month high, eases of late.
- Overbought RSI, easing bullish bias of MACD tease intraday sellers.
- Cable pair buyers need validation from three-week-old ascending resistance line.
GBP/USD bulls take a breather around 1.2580, after rising to the highest levels since June 2021 early Thursday. That said, the Cable pair initially cheered the US Federal Reserve’s (Fed) dovish hike before retreating from an upward-sloping resistance line from April 14.
Given the quote’s pullback from the short-term key resistance line joining the overbought RSI (14) and easing the bullish bias of the MACD, the GBP/USD price may witness further pullback.
However, an ascending trend line from Tuesday, near 1.2525 by the press time, restricts the immediate downside of the Pound Sterling.
Following that, the GBP/USD bears may prod the 200-Hour Moving Average (HMA) support of near 1.2485.
In a case where the Cable pair remains bearish past 200-HMA, the weekly low of 1.2435 can act as the last defense of the buyers.
Meanwhile, GBP/USD bulls need to provide a successful upside break of the aforementioned three-week-old ascending resistance line, around 1.2595 by the press time, to keep the reins.
Even so, the 1.2600 round figure and the May 2022 peak of around 1.2665 can challenge the GBP/USD bulls before directing them to the 1.2700 round figure.
Overall, GBP/USD remains on the bull’s radar even if the upside room appears limited.
GBP/USD: Hourly chart
Trend: Pullback expected
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