GBP/USD bounces off intraday low to extend the previous day’s U-turn from the 2021 bottom, around 1.3380 during Wednesday’s Asian session.
A descending support line from late September triggered the cable pair’s recovery moves on Tuesday.
Given the nearly oversold RSI conditions favoring the latest rebound, the pair’s advances towards a one-month-old resistance line near 1.3460 can’t be ruled out.
However, the GBP/USD pair’s bearish trend can’t be ruled out until the quote stays below the 200-DMA level surrounding 1.3830.
On the other hand, the pair’s sustained weakness needs a daily closing below the stated support line, around 1.3330 by the press time, to extend the south-run.
In doing so, a downward sloping trend line from July 20, near 1.3285, will be the key to watch.
Trend: Further recovery expected
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.