GBP/USD Price Analysis: Consolidates near 100-hour SMA, comfortably above 1.2900 mark
- GBP/USD edges higher for the second consecutive session on Tuesday.
- The set-up warrants some caution before placing any fresh bullish bets.
The GBP/USD pair traded with a mild positive bias for the second consecutive session on Tuesday, with bulls awaiting a sustained move beyond 100-hour SMA.
Technical indicators on the 1-hourly chart have just started moving into the bullish territory and support prospects for a further near-term appreciating move.
However, oscillators on 4-hourly/daily charts maintained their bearish bias and warrant some caution for bullish traders amid concerns about a no-deal Brexit.
That said, a sustained move beyond the mentioned barrier might prompt some intraday short-covering move and lift the pair towards the key 1.30 psychological mark.
On the flip side, any meaningful pullback might show some resilience below the 1.2900 mark, which is followed by the overnight swing lows near the 1.2870 region.
Failure to defend the said support levels might be seen as a fresh trigger for bearish traders and pave the way for an extension of the recent bearish trajectory.
GBP/USD 1-hourly chart