GBP/USD Forecast: Rebound from 5-DMA likely
Cable breached Aug 19 high of 1.3185 and rose to 1.3210 levels on Tuesday before deflating to 1.3176 levels in early Europe today.
Pair’s bullish day end close above Aug 19 high of 1.3185 adds credence to the rebound from 1.30 seen in the last week
and indicates prices could test falling trend line hurdle of 1.3240. Dip to 5-DMA of 1.3149 could be met with fresh bids.
A day end close above 1.3240 would open doors for 1.3315 (23.6% of 1.5019-1.2789).
Pair’s bullish day end close above Aug 19 high of 1.3185 adds credence to the rebound from 1.30 seen in the last week
and indicates prices could test falling trend line hurdle of 1.3240. Dip to 5-DMA of 1.3149 could be met with fresh bids.
A day end close above 1.3240 would open doors for 1.3315 (23.6% of 1.5019-1.2789).
