Range Markets

  • 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

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