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GBP/USD corrective rally may gather steam

FX:GBPUSD   British Pound/U.S. Dollar
Resistance – 1.30, 1.3119, 1.3206

Support – 1.2940, 1.2864, 1.2789

  • Pair’s bullish price RSI divergence on the 4-hour chart on Wednesday, if followed by a break above the hourly 50-MA hurdle today could result in a break above 1.30 levels.
  • An hourly closing above 1.30 would expose 1.3119 (June 25 low).
  • On the other hand, a failure to take out the hourly 50-MA followed by a break below 1.2864 could yield a re-test of 1.2789 levels.
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