GBP Tries to jump above the handle versus USD
8/31/2017 10:06:11 AM
The GBP/USD pair performed a solid recoil from the 25-SMA support of 1.2911, though the improved uptick lost steam once again near 1.2935 area, sending the rate back below 80-SMA placed at 1.2927.
Immediate persistence stays near 1.2938 level, which is closely followed by 50-day EMA hurdle near the 1.2955-67 area. A bullish break through the mentioned hurdles should boost the pair beyond the key 1.3005 psychological mark towards its next horizontal persistence near 1.3035-45 zone.
On the other hand, any decline below the 1.2910 handle might keep on to find some support near the 1.2983-75 area, which if broken persuasively would show extra downside in the near-term. Below the mentioned support, the pair is probable to speed up the slide towards testing a short-term rising trend-line support, currently near the 1.2810 handle.
FOREX market analysis by FxErvin.