GBP/USD – Descending trend line hurdle could be put to test
Pair’s rebound from sub-1.2950 area for the third straight day on Tuesday finally manages to secure a daily close above 1.30. This coupled with a minor retreat in Asian session today to 1.2991 followed by a recovery to 1.3015 suggests dips are likely to be bought into and the spot looks poised to test falling trend line resistance seen around 1.3075 levels.
On the downside, only a daily close below 1.2915 (Sep 23 low) would signal short-term bearish invalidation, although shorts are likely to come-in below 1.2865 (Aug low).
On the downside, only a daily close below 1.2915 (Sep 23 low) would signal short-term bearish invalidation, although shorts are likely to come-in below 1.2865 (Aug low).
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