GBPUSD rises towards the key 1.3830 hurdle

GBPUSD remains firm for the fifth consecutive day, around 1.3780 during early Thursday. In doing so, the cable pair justified upbeat RSI conditions, as well as recovery moves from 1.3600 to keep buyers hopeful. However, 200-DMA and resistance line of a five-month-old falling wedge bullish formation’s resistance, respectively around 1.3810 and 1.3830, become tough levels to cross for the bulls. Should the sterling optimists keep reins past 1.3830, the pair’s run-up towards June’s top near 1.4250 can’t be ruled out. During the rise, the 1.4000 threshold becomes the key halt.

Alternatively, the recent swing low around 1.3685 can entertain the intraday counter-trend traders before directing them to the 1.3600 support. Though, any further weakness past 1.3600 will be challenged by July’s low near 1.3570 and support line of the stated wedge, close to 1.3520. To sum up, GBPUSD bulls brace for consolidating the recent losses.