- GBP/USD stays below stress close to a three-month low of round 1.2390 on Monday.
- The pair holds beneath the 50- and 100-hour EMAs; Relative Energy Index (RSI) stands beneath 50, inside bearish territory.
- The important thing resistance stage is seen close to the 1.2420-1.2430 zone; 1.2367 acts as an preliminary assist stage.
The GBP/USD pair stays on the defensive beneath the 1.2400 mark through the early Asian buying and selling hours on Monday. The main pair at present trades close to 1.2390, up 0.06% on the day. Market gamers choose to attend on the sidelines forward of the important thing occasion from this week. On Wednesday, the Federal Reserve (Fed) rate of interest choice and the UK Client Worth Index for August might be due. These occasions may set off the volatility within the pair.
From the technical perspective, GBP/USD holds beneath the 50- and 100-hour Exponential Transferring Averages (EMAs) with a downward slope on the one-hour chart, which suggests additional draw back appears favorable. In the meantime, the Relative Energy Index (RSI) stands beneath 50, inside bearish territory, suggesting that sellers are more likely to retain management within the close to time period.
The important thing resistance stage for GBP/USD is seen close to the confluence of the higher boundary of the Bollinger Band and the 50-hour EMA on the 1.2420-1.2430 area. The extra upside filter is positioned at 1.2445 (the 100-hour EMA). Additional north, a psychological spherical determine at 1.2500 would be the subsequent barrier for the pair, adopted by 1.2530 (a excessive of September 12).
On the draw back, any follow-through promoting beneath the decrease restrict of the Bollinger Band at 1.2367 will see a drop to 1.2350 (a low of Could 31). The following competition for the pair emerges close to a spherical mark and a low of Could 25 at 1.2300.
GBP/USD one-hour chart
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