GBPUSD remains sidelined since the last Wednesday and retreats from its intraday high so far on Monday. Even so, a 13-day-old ascending trend channel defends the pair buyers. More immediately, a convergence of the 50-EMA and an upward-sloping trend line from early October, around 1.1760, restricts the quote’s nearby downside. Following that, the aforementioned channel’s lower line, close to 1.1720, will be crucial as a downside break of the same will direct bears towards the monthly low surrounding 1.1140.
Alternatively, 1.1960 and the 1.2000 psychological magnet will precede the monthly peak surrounding 1.2030 to challenge the GBPUSD pair buyers during the quote’s fresh upside. Following that, the upper line of the previously mentioned channel, close to 1.2240, could restrict the pair’s further advances. In a case where the Cable pair rises past 1.2240, the August month high near 1.2295 will be in focus.
Overall, GBPUSD stays on the bull’s radar despite the recently downbeat performance.