GBP/USD Technical Analysis: Bulls showing resilience below 1.3200 handle ahead of UK macro data/meaningful vote

   “¢   The pair witnessed a modest intraday pull-back from 1-1/2 week tops, with bears now eyeing a follow-through weakness below 1.3200 handle or 23.6% Fibo. level of the upsurge over the past 24-hours.

   “¢   Highly oversold conditions on the 1-hourly chart turned out to be one of the key factors prompting some profit-taking ahead of the highly anticipated UK parliament vote on the PM May’s Brexit deal.

   “¢   Today’s UK macro releases – monthly GDP growth figures and manufacturing/industrial production data, seems unlikely to be a game changer but might still produce some short-term trading opportunities.

   “¢   Meanwhile, any subsequent decline is likely to find decent support near the 1.3160 confluence region – comprising of 200-hour SMA and 38.2% Fibo. level, and should help limit deeper losses.  

   “¢   On the flip side, the 1.3245-50 region, followed by the 1.3285-90 zone now seems to act as an immediate hurdle, which if cleared might extend the momentum towards multi-month tops, around mid-1.3300s.

GBP/USD 1-hourly chart