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Short-term ascending channel checks bears near 1.2350

  • GBP/USD remains below a one-week-old resistance line, 200-HMA.
  • Pair’s further weakness under the weekly low can challenge the month’s bottom.

GBP/USD remains modestly changed near 1.2350 amid the Asian session on Friday. That said, the pair stays below 200-HMA and a seven-day long falling trend line but inside a short-term rising trend channel.

Hence, sellers will wait for a clear break below the channel’s support, currently around 1.2330, before targeting the weekly bottom close to 1.2250/45.

In a case where the bears dominate past-1.2245, the month low of 1.2165 will become their favorite.

Alternatively, the immediate resistance line near 1.2395 seems to limit the pair’s pullback moves ahead of the channel’s upper line, at 1.2440, as well as a 200-HMA level of 1.2450.

If buyers manage to cross 1.2450, there are multiple barriers near 1.2520 and 1.2580 to challenge further advances.

GBP/USD hourly chart

Trend: Bearish

 

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