GBP/USD defends rebound from 100-DMA at weekly top, prods one-month-old falling resistance line.
50-DMA, multi-day-old previous support line add to the upside filters.
Looming bull cross on MACD adds strength to recovery hopes but US Dollar’s strength tests Cable buyers.
Late June’s low will challenge Pound Sterling sellers past 100-DMA.
GBP/USD edges higher past 1.2700 as it flirts with the weekly top surrounding 1.2730 amid the early hours of Thursday’s Asian session. In doing so, the Cable pair defends Monday’s U-turn from the 100-DMA while approaching a downward-sloping resistance line from July 14 after a three-day winning streak.
Not only a rebound from the 100-DMA but the impending bull cross on the MACD also underpins the upside bias about the Pound Sterling.
However, a clear break of the stated resistance line, close to 1.2750 by the press time, isn’t an open invitation to the Cable buyers as the 50-DMA hurdle of around 1.2785 prods the short-term advances of the quote.
Following that, a 5.5-month-old previous support line, now resistance around 1.2850, acts as the final defense of the GBP/USD bears.
Meanwhile, the broadly firmer US Dollar, backed by the upbeat Fed Minutes and yields of late, challenge the Pound Sterling buyers and tease a pullback toward the 100-DMA retest, especially amid a light calendar on Thursday. That said, the 100-DMA level is around 1.2625 by the press time.
In a case where the GBP/USD pair remains bearish past 1.2625, the weekly bottom of 1.2616 and the late June trough surrounding 1.2590 will test the sellers before giving them control
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