GBP/USD Price Analysis: Pierces 1.2100, weekly resistance trendline in focus
- GBP/USD bounces off the multi-month low.
- A short-term resistance line questions the immediate recovery, 100 and 200-HMA can check further upside.
- A short-term falling trend line could restrict nearby declines.
Following its drop to refresh 18-month low, GBP/USD bounces off to 1.2115, up 0.50%, amid the Asian session on Wednesday. Even so, the pair stays below one-week-old falling trend line resistance.
Not only the immediate resistance line, currently at 1.2145, but 100-HMA and 200-HMA, respectively around 1.2410 and 1.2705 also question the pair’s recovery moves.
Additionally, 1.2280 and 1.2520 are some extra filters during the quote’s further advances.
Meanwhile, September 2019 low near 1.1960 and a descending trend line connecting lows marked from last Friday, near 1.1950, will challenge bears below the latest bottom surrounding 1.2000.
GBP/USD hourly chart