GBP/USD technical analysis: 50-HMA offers intermediate halt inside 25-pip range
- Choppy between a small range with 50-HMA providing an additional filter.
- 100-HMA is likely resistance to lure buyers past-1.2570.
Having failed to clear 1.2570, the GBP/USD pair rests on 50-HMA near 1.2555 while heading into the UK open on Wednesday.
Other than 50-hour moving average (50-HMA) Tuesday’s early tops near 1.2545 can also question the pair’s declines, if not 1.2505 should be on the bears’ call.
Given the pair’s extended downpour past-1.2505, December 2018 low of 1.2477 may opt for the comeback.
Meanwhile, 38.2% Fibonacci retracement and 100-HMA can hold the pair confined near 1.2605 if it manages to clear 1.2570 immediate upside barrier.
Furthermore, 50% and 61.8% Fibonacci retracements around 1.2632 and 1.2665 might entertain buyers ahead of challenging them with 1.2710.
GBP/USD hourly chart
This article is published only for general use basic informatory purposes and should not be considered or depended on as a financial or investment advice. Investors should make sure that they understand the risks and seek independent financial advice at all times. CFDS ARE COMPLEX INSTRUMENTS AND COME WITH A HIGH RISK OF LOSING MONEY RAPIDLY DUE TO LEVERAGE.