GBP/USD Price Analysis: 10-day EMA restricts immediate downside above 1.3000

  • GBP/USD seesaws in a choppy range between 1.3065 and 1.3080 off-late.
  • Overbought RSI conditions limit short-term upside, sellers have strong supports to break before retaking controls.
  • 1.3200 become the key resistance, June high can please the bears during notable downside.

GBP/USD struggles to carry the previous day’s bounce off 10-day EMA. The Cable takes rounds to 1.3070 amid the pre-Tokyo open Asian session on Tuesday.

While overbought RSI conditions could be spotted for the pair’s inability to rise, 10-day EMA and an ascending trend line from April 14, respectively near 1.3035 and 1.3000, offer strong downside support to challenge the sellers.

It should, however, be noted that the buyers are likely to remain cautious unless successfully breaking 1.3200 mark comprising March month high. Though, short-term recoveries to 1.3115 and 1.3185 can’t be ruled out.

Alternatively, the pair’ declines below 1.3000 will enable the bears to aim for June month’s high near 1.2815 with 1.2900 acting as intermediate halt during the south-run.

GBP/USD daily chart

Trend: Sideways

 

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