GBP/USD Price Analysis: Bounces off one-week-old support line towards 1.3100

• GBP/USD refrains from staying below 1.3050 since August 14.
• RSI recovery directs traders to a two-day-old resistance line.
• Sellers can aim for the monthly bottom below the support line.

GBP/USD refreshes the intraday high while rising to 1.3077, up 0.11% on a day, during the early Tuesday’s trading. The cable dropped to a one-week low on Monday but a descending trend line from August 17 triggered its pullback. Also supporting the buyers is the recovery in the RSI conditions.

As a result, a falling trend line from Friday, at 1.3106 now, is gaining the market attention ahead of a 100-hour EMA level near 1.3125.

If buyers manage to cross 1.3125, the previous day’s top near 1.3150 will be the key as it holds the gate for the pair’s run-up towards Friday’s top around 1.3255 and the monthly peak surrounding 1.3270.

It’s worth mentioning that March month’s high close to 1.3200 can act as an intermediate halt between 1.3150 and 1.3255.

On the contrary, a downside break below 1.3050 will attack the 1.3000 threshold. Though, the monthly low of 1.2981 can challenge the sellers afterward.

GBP/USD hourly chart

Trend: Pullback expected