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GBP/USD Price Analysis: Bounces off key support line as bulls attack 1.1975 hurdle

GBP/USD grinds close to intraday excessive as it pokes immediately resistance line.
Bearish MACD signals, 200-EMA undertaking the recuperation moves.
Three-month-old ascending fashion line restricts instant draw back as RSI suggests receding bearish bias.
GBP/USD seesaws round the day by day pinnacle as it struggles to elevate the first each day good points in 4 close to 1.1970 heading into Friday’s London open. In doing so, the Cable pair bounces off an upward-sloping assist line from early January whilst coming near the descending fashion line resistance stretched from Tuesday.

Given the quote’s repeated bounces off the noted key guide line, round 1.1940 with the aid of the press time, coupled with the downbeat RSI (14) suggesting an easing bearish bias, the GBP/USD rate is probable to overcome the immediately resistance line, shut to 1.1975 via the press time.

However, the pair’s in addition upside seems restrained until the Cable pair stays under the 200-bar Exponential Moving Average (EMA), round 1.2095.

Following that, the 50% Fibonacci retracement stage of the pair’s January month upside, close to 1.2140, should act as an greater filter in the direction of the north, a damage of which should rapidly propel the GBP/USD closer to a horizontal region comprising stages marked on account that January 24, shut to 1.2260-70.

On the flip side, a draw back destroy of the ascending help line from January, shut to 1.1960, may want to shortly fetch the GBP/USD in the direction of the 12 months 2023 low, marked in January, round 1.1840. That said, the 1.1920 degree may additionally act as an intermediate halt for the duration of the expected fall.

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