- GBP/USD struggles to overcome nearby hurdles amid UK holidays.
- Firmer RSI conditions keep buyers hopeful but key SMAs, monthly resistance line challenge up-moves.
GBP/USD seesaws around 1.3760–65 during a sluggish Asian session on Monday. The cable pair jumped to the mid-month tops the previous day but couldn’t overcome the 100-SMA hurdle.
In addition to the failures to cross 100-SMA, steady RSI line and an off in the UK also challenge the pair buyers of late. Even so, the Relative Strength Index (RSI) is firmer enough to keep the buyers hopeful.
Hence, the quote is likely to overcome the immediate resistance near 1.3775 but will need strong reasons to pass the following challenges, namely a descending trend line from July 30 and 200-SMA, respectively around 1.3790 and 1.3800.
In a case where the GBP/USD remains strong past 1.3800, multiple levels around 1.3880 can challenge the pair buyers.
Meanwhile, pullback moves may aim for 1.3730 and 1.3690 horizontal supports.
However, any further weakness may not hesitate to refresh the multi-day lows below 1.3600.
GBP/USD: Four-hour chart
Trend: Further upside expected