- GBP/USD gained traction amid some renewed USD weakness.
- The uptick struggled to find acceptance above 100-hour EMA.
- Any subsequent dip might still be seen as a buying opportunity.
The GBP/USD pair refreshed daily tops, near mid-1.3100s in the last hour, albeit lacked any strong follow-through and quickly retreated around 40 pips thereafter. The pair struggled to find acceptance above 100-hour EMA, with bears now eyeing a sustained break back below the 1.3100 mark.
Below the mentioned level, the pair might accelerate the slide back towards session lows, around the 1.3060 region. Some follow-through selling will be seen as a fresh trigger for bears and turn the pair vulnerable to accelerate the fall towards challenging the key 1.3000 psychological mark.
Meanwhile, technical indicators on the daily chart maintained their bullish bias and have again started gaining some positive traction on the 1-hourly chart. The set-up supports prospects for a further intraday positive move amid the emergence of some fresh selling around the greenback.
Hence, any meaningful dip might be seen as a buying opportunity, which should help limit any deeper losses. The pair is more likely to retest the 1.3170-80 supply zone before aiming to surpass the 1.3200 mark and retest the recent daily closing highs, around the 1.3235-40 region.
GBP/USD 1-hourly chart
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Technical levels to watch
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