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Bulls might now aim toward the 1.30 confluence hurdle

  • GBP/USD edges higher for the third consecutive session.
  • The technical set-up now seems tilted in favour of bulls.

The GBP/USD pair built on this week’s recovery move from 2-1/2 month lows and edged higher for the third consecutive session on Wednesday.

The overnight sustained move beyond 100-hour SMA, coupled with bullish oscillators on hourly charts was seen fueling the recovery momentum.

Despite the constructive set-up, any subsequent positive move might confront some fresh supply near a confluence region around the key 1.30 psychological mark.

The mentioned barrier comprises of 200-hour SMA and 38.2% Fibonacci level of the 1.3210-1.2872 fall, which should act as a key pivotal point for short-term traders.

Above the said hurdle, the pair is likely to accelerate the momentum further towards the recent swing high resistance near the 1.3075-80 region (nearing 61.8% Fibo.).

GBP/USD 1-hourly chart


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