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GBP/USD Price Analysis: Rebounds from the monthly support line as bulls advance to 1.1500
GBP/USD acquires bids to reestablish the intraday high and reduce the largest daily loss in a month. Bullish MACD signals and a stable RSI suggest the pair's rebound from the ascending trend line that has been in place for five weeks. Bears want confirmation at 1.1315-10 to regain control.
GBP/USD re-establishes intraday highs at 1.1500 while rebounding off important short-term support in the early hours of Tuesday, a day after registering the largest daily loss in a month.
The cable pair's rebound from a trend line with an upward slope from late September also gets cues from the positive MACD signals and the firmer RSI (14) to keep buyers optimistic.
Nonetheless, the 61.8% Fibonacci retracement of the GBP/USD pair's August-September decline, located around 1.1545, poses a barrier to the quote's immediate rise.
Following that, a seven-week-old falling resistance line near 1.1630 appears to be the last line of defense for the GBP/USD bulls, a breach of which might lead to September's high near 1.1740.
Alternately, a break below the adjacent support level, near 1.1460 at the latest, is not an open invitation to pair sellers. Nonetheless, a confluence of the 21-day moving average, the 50% Fibonacci retracement level, and an ascending trend line from September 26 represents a formidable obstacle for sellers around 1.1315-10.
During GBP/USD decline beyond 1.1310, the October bottom near 1.0925 will receive significant attention.
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