GBP/USD stays below the short-term key resistance line despite witnessing a gap-up opening. The one-week-old rising trend line can act as immediate support while 1.3000 could keep luring buyers. With the GBP/USD buyers’ failure to cross nearly a one-month-old falling trend line, a short-term rising support line gains market attention. The quote seesaws near 1.2917 during the early Asian session on Monday. Considering the fundamentals, today’s speech from the United Kingdom (UK) Prime Minister (PM) Boris Johnson is likely to offer another upside push to the cable after recently positive sentiment favored the pair’s run-up. Read: UK PM Johnson will pledge an end to Brexit uncertainty at CBI event later on Monday Technically, a week-long ascending trend line, at 1.2850, will be the immediate concern for sellers ahead of an upward sloping trend line since mid-October, around 1.2800, followed by 200-bar Simple Moving Average (SMA) level of 1.2740. In a case prices decline below 1.2740, bears will target 1.2700 and October 14 low at 1.2515. On the contrary, 1.3000 and the previous month high around 1.3015 can question bulls even if they manage to cross the aforementioned resistance line at 1.2930. Also doubting the pair’s upside is overbought conditions of 14-bar Relative Strength Index (RSI). GBP/USD 4-hour chart Trend: Pullback expected FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Gold seesaws around $1468 as traders weigh geopolitical tension, trade optimism FX Street 3 years GBP/USD stays below the short-term key resistance line despite witnessing a gap-up opening. The one-week-old rising trend line can act as immediate support while 1.3000 could keep luring buyers. With the GBP/USD buyers' failure to cross nearly a one-month-old falling trend line, a short-term rising support line gains market attention. The quote seesaws near 1.2917 during the early Asian session on Monday. Considering the fundamentals, today's speech from the United Kingdom (UK) Prime Minister (PM) Boris Johnson is likely to offer another upside push to the cable after recently positive sentiment favored the pair's run-up. Read: UK PM Johnson will… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
