- Near-term resistance-line limits GBP/USD upside towards 4H 50MA.
- Adjacent support-line can question bears during declines.
GBP/USD confronts short-term trend-line resistance as it makes the rounds to 1.2165 on early Tuesday.
The pair needs to overcome four-day long descending resistance-line, at 1.2167 in order to aim for 50-bar moving average (4H 50MA) level near 1.2232. However, 23.6% Fibonacci retracement level of mid-July to early-August plunge near 1.2200 can offer an intermediate stop to the rise.
In a case prices rally past-1.2232, 1.2300 and 50% Fibonacci retracement surrounding 1.2330 should be of buyers’ concern.
During the declines, an immediate ascending trend-line near 1.2110 can please sellers ahead of diverting them to recent lows near 1.2080 and then towards the 1.2000 round-figure.
GBP/USD 4-hour chart
Trend: Pullback expected
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