GBP/USD – Sellers could come-in above hourly 50-MA hurdle

Cable’s recovery from the intraday low of 1.2686 followed by a breach of the falling trend line on the hourly chart amid recovery in the intraday indicators from the oversold territory suggests the hourly 50-MA level of 1.2776 could be put to test and may be breached for a test of 1.28 handle.

However, caution is advised anywhere above 1.2776 as the hourly 50-MA is still sloping downwards suggesting a re-test of 1.27-1.2686 is likely.