GBP/USD rebounds from intraday low, stays indecisive after reversing from one-month high the previous day.
One-week-old ascending trend line, weekly range’s lower band strengthens src.2src40-35 support confluence.
Bulls need validation from src.2205 to probe mid-February highs.
GBP/USD reverses from the intraday low surrounding src.2src45 amid the initial hour of Wednesday’s London open. The Cable pair, however, stays within a week-long trading range between src.2src35 and src.2205.
The quote’s latest rebound could be linked to its U-turn from the 50-Hour Moving Average (HMA), around src.2src50 by the press time. However, the sluggish MACD signals suggest the continuation of the grind inside the aforementioned 70-pip range established since Monday.
That said, an upward-sloping trend line from the last Wednesday adds strength to the src.2src35 support.
It should be noted that the src00-HMA and the 200-HMA, respectively near src.2060 and src.2000 in that order, act as additional downside filters before giving control to the GBP/USD bears.
Alternatively, a successful break of src.2205 enables the Cable pair buyers to challenge the mid-February high surrounding src.2270.
In a case where the GBP/USD price remains firmer past src.2270, the src.2300 can act as an intermediate halt before highlighting the src.2445-50 key horizontal hurdle that restricted the pair’s upside during late 2022 and early 2023.
Overall GBP/USD remains on the bull’s radar despite the previous day’s pullback from a one-month high.
GBP/USD: Hourly chart
Trend: Limited downside expected
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