- GBP/USD reverses from the highest levels since December 31, 2019.
- The short-term rising channel, 200-HMA keeps the buyers hopeful.
- Fresh buying awaits a clear break of 1.3300.
- BOE Governor Andrew Bailey will speak in Jackson Hole Symposium around 13:05 GMT.
GBP/USD drops to 1.3196 amid the initial Asian session trading on Friday. Despite refreshing the multi-month high, the Cable failed to cross the late-2019 top below 1.3300 the previous day. As a result, sellers remain hopeful. However, the key speech from the BOE Government is ahead and makes the traders cautious.
As a result, the pair’s traders are waiting for the event while observing a three-day-old rising channel and the sustained trading beyond 200-HMA for immediate direction.
With the RSI conditions favoring the bullish channel, the pair’s another attempt to clear a descending trend line from August 19, at 1.3230 now, can’t be ruled out. However, the said channel’s resistance around 1.3265, followed by the 1.3300 threshold will challenge the bulls afterward.
On the flip side, the break of the channel’s support and 200-HMA, respectively near 1.3175 and 1.3155 will be needed for the pair’s further downside towards the weekly low near 1.3050 and the 1.3000 psychological magnet.
GBP/USD hourly chart
Trend: Sideways
