- GBP/USD picks up bids inside a three-day-old symmetrical triangle.
- Sustained trading beyond 200-HMA, upbeat RSI keeps buyers hopeful.
- 1.3150, 61.8% Fibonacci retracement level also test the momentum traders.
GBP/USD bounces off intraday low to regains 1.3900 threshold during Tuesday’s Asian session. Although the cable’s repeated bounces off 200-HMA join upbeat RSI to back the buyers, a triangle formation established since last Thursday challenges the short-term moves.
As a result, an area between 1.3855 and 1.3925 becomes less interesting for GBP/USD traders, despite suggesting a bounce off 200-HMA level of 1.3876.
61.8% Fibonacci retracement of April 12-20 upside, around 1.3800, as well as multiple tops marked during last week near 1.3950, add to the further boundaries for the GBP/USD watchers.
While a downside break of 1.3800 may not hesitate to challenge the mid-April lows near 1.3715, an upside clearance of 1.3950 needs validation from the 1.4000-4010 area to keep the bulls hopeful.
Overall, GBP/USD remains on the bull’s radar but the latest consolidation may bore intraday traders.
GBP/USD hourly chart
Trend: Sideways
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