“¢ The pair stalled overnight retracement slide and caught some bids since the early European session, albeit seemed struggling to build on the momentum further beyond the 1.2900 handle.
“¢ The uptick seems to be solely led by some cross-driven strength, stemming out of a sharp corrective slide in the EUR/GBP cross and some renewed pickup in the GBP/JPY cross.
“¢ On the short-term chart, the pair last week managed to bounce off 50% Fibonacci retracement level of the 1.2662-1.2936 recent up-move and has managed to hold above 200-hour SMA.
“¢ Technical indicators on hourly charts have gradually started picking up positive momentum and thus, increase prospects for further near-term up-move on a sustained break through the 1.2930-35 region.
GBP/USD 1-hourly chart
Spot Rate: 1.2888
Daily High: 1.2902
Daily Low: 1.2845
Trend: Short-term bullish above 1.2900 handle
Resistance
R1: 1.2932 (overnight swing high)
R2: 1.2965 (61.8% Fibo. expansion level)
R3: 1.3000 (psychological round figure mark)
Support
S1: 1.2842 (200-day SMA H1)
S2: 1.2829 (weekly low set on Monday)
S3: 1.2800 (50% Fibo. retracement level)
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