Title: GBP/USD Price Analysis: 100-HMA defends buyers around mid-1.1500s

September 6, 2022 12:22 AM ET

By: AnalysisWatch

The GBP/USD pair remains on buyers' radar even after trimming daily gains around 1.1565 early Tuesday morning in Europe. That said, the 100-HMA is defending buyers of the cable pair amid firmer RSI and bullish MACD signals.

The GBP/USD's hold above a bearish resistance line from June 30, which is now support around 1.1510, also gives hope to buyers of the pair.

It is worth noting that an upward sloping support line from the previous day near 1.1545 precedes the 1.1500 threshold to also challenge GBP/USD sellers.

If the cable pair falls below 1.1500, the last low and the March 2020 low, both near 1.1445 and 1.1410, will be in play.

Alternatively, the recovery moves in GBP/USD could target the 200-HMA level near 1.1655.

Then, the 1.1700 round figure and the late August high at 1.1760 could attract GBP/USD bulls.

It should be noted that the July low also reinforces the 1.1760 hurdle, the break of which could put control in the hands of the bulls.