- GBP/USD keeps bounce off 1.3191 to combat the previous day’s pullback from 10-week top.
- Bullish MACD keeps buyers hopeful but corrective move towards October top, 10-day EMA can’t be ruled out.
GBP/USD keeps the latest recovery moves around 1.3220 during Thursday’s Asian session. The Cable rose to the highest since early September the previous day, before declining to 1.3191. This formed a bearish spinning top candlestick on the daily chart, which in turn probes the bulls.
Even so, MACD flashes bullish signals and the pair remains well past the immediate EMA support.
As a result, the quote’s pullback towards the nearby rests, namely October’s peak surrounding 1.3175 and then to the 10-day EMA level of 1.3136, becomes expected. Though, any more weakness will be tamed by the early October top and the late-August lows near 1.3065/60.
On the contrary, 1.3280 and the 1.3300 threshold can offer immediate upside barriers to the GBP/USD buyers ahead of pushing them towards challenging the recent multi-day high of 1.3313.
Should there be a clear upside beyond 1.3313, the September high of 1.3480/85 will be on the bulls’ radars.
GBP/USD daily chart
Trend: Pullback expected
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