- GBP / USD extends the recovery move from the two-week support line.
- Normal RSI conditions favor bulls within the ascending channel.
GBP / USD is moving higher at the start of the European session on Monday and is back above the 1.4150 level. The pair benefits from the slight appetite for risk in the markets to make a recovery move from a short-term support line, within a six-week bullish ascending channel pattern.
Given the latest bounce in the pair, supported by normal RSI conditions, the 1.4200 level could return to the charts. However, any further rally must conquer the top line of the aforementioned channel, around 1.4260, to keep the bulls going.
Meanwhile, a break to the downside of the aforementioned support line near 1.4140 could target the round 1.4100 level before directing GBP / USD sellers towards the 1.4000 psychological level.
However, the pair’s fall below that level could find support at the indicated channel line, around 1.3955, if not, the monthly low of 1.3801 will become the next target for the bears.
GBP / USD 4 hour chart
GBP / USD technical levels
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