GBP/USD Price Analysis: 10-day EMA restricts immediate downside above 1.3000
- GBP/USD seesaws in a choppy range between 1.3065 and 1.3080 off-late.
- Overbought RSI conditions limit short-term upside, sellers have strong supports to break before retaking controls.
- 1.3200 become the key resistance, June high can please the bears during notable downside.
GBP/USD struggles to carry the previous day’s bounce off 10-day EMA. The Cable takes rounds to 1.3070 amid the pre-Tokyo open Asian session on Tuesday.
While overbought RSI conditions could be spotted for the pair’s inability to rise, 10-day EMA and an ascending trend line from April 14, respectively near 1.3035 and 1.3000, offer strong downside support to challenge the sellers.
It should, however, be noted that the buyers are likely to remain cautious unless successfully breaking 1.3200 mark comprising March month high. Though, short-term recoveries to 1.3115 and 1.3185 can’t be ruled out.
Alternatively, the pair’ declines below 1.3000 will enable the bears to aim for June month’s high near 1.2815 with 1.2900 acting as intermediate halt during the south-run.
GBP/USD daily chart
Trend: Sideways
Reprinted from FXStreet，the copyright all reserved by the original author.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
-THE END-