The GBP/USD pair lost its traction and fell below 1.1300 on Monday. This was after the pair opened with a bullish gap and climbed above 1.1400 during the Asian trading hours on Monday.
The bullish bias stays intact in the near term with the Relative Strength Index (RSI) indicator on the four-hour chart holding above 50. Additionally, the pair continues to trade above the 100 and 200-period SMAs on the same chart.
On the upside, static resistance seems to have formed at 1.1350 ahead of 1.1400 (psychological level) and 1.1440 (October 17 high).
1.1250 (200-period SMA, 50-period SMA) aligns as a key support area before 1.1225 (100-period SMA) and 1.1170 (static level).
Related- USD/TRY Remains Capped by 18.60
Leave a Reply