- GBP/USD remains lackluster despite staying mildly positive beyond 1.2900.
- Sustained bounce off 100-bar SMA, normal RSI conditions favor the bulls.
- The monthly horizontal line adds to the upside barriers.
GBP/USD seesaws between 1.2918 and 1.2922 during the pre-Tokyo open Asian session on Thursday. The Cable successfully recovered from 100-bar SMA the previous day, following Tuesday’s pullback from 200-bar SMA.
The upside momentum also takes clues from the absence of overbought RSI conditions, which in turn suggest the quote’s additional rise.
However, buyers are waiting for a clear break above 1.2930 to escalate the recovery moves toward the 1.3000 round-figure comprising 200-bar SMA.
Also challenging the GBP/USD bulls is a horizontal line around 1.3010 that comprising multiple levels marked since September 08.
Meanwhile, a downside break of 100-bar SMA, at 1.2868 now, can aim for the September 30 low near 1.2800.
In a case where the GBP/USD bears remain in power below 1.2800, the last month’s low near 1.2715 will be on their radar.
GBP/USD four-hour chart
Trend: Further recovery expected
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