Technical Analysis: GBPUSD rebound needs validation from 1.3500
Alike other majors, GBPUSD also cheers US dollar pullback to bounce off yearly low during early Monday. Also favoring the corrective pullback is the 61.8% FE level of the cable pair’s moves from October 19 to November 09. Given the steady RSI line battling the bearish MACD signals, the pair’s rebound towards a two-week-old resistance line near 1.3500 can’t be ruled out. However, any further upside will be challenged by a two-week-old horizontal resistance and 200-SMA, respectively around 1.3605 and 1.3630.
Meanwhile, pullback moves will aim for the 1.3400 and the 1.3380 support levels before the stated 61.8% FE level, near 1.3350 challenges the bears. In a case where the GBPUSD remains weak past 1.3350, a downward sloping support line from June around the 1.3300 threshold will be crucial to watch for the counter-trend traders. To sum up, the pair stays on the back foot but witnesses intermediate bounces of late.
Meanwhile, pullback moves will aim for the 1.3400 and the 1.3380 support levels before the stated 61.8% FE level, near 1.3350 challenges the bears. In a case where the GBPUSD remains weak past 1.3350, a downward sloping support line from June around the 1.3300 threshold will be crucial to watch for the counter-trend traders. To sum up, the pair stays on the back foot but witnesses intermediate bounces of late.
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