GBP/USD Price Analysis: Sellers remain hopeful below 1.3635 key hurdle

• GBP/USD picks up bids, extends bounce off weekly low.
• 100-EMA, three-week-old resistance line challenge buyers amid bearish MACD.
• Sellers await a clear break of 1.3530 for fresh entry.

GBP/USD extend the recent rebound from the weekly bottom towards the 1.3600 threshold, near 1.3590 during the initial Asian session on Thursday.

In doing so, the cable pair again bounces off 23.6% Fibonacci retracement (Fibo.) of September 14-29 downside, actually before that.

While the latest recovery moves aim for the 1.3600 round figure, a convergence of 100-EMA and a descending trend line from September 17, near 1.3635, joins the bearish MACD signals to challenge the pair’s further advances.

Should the quote rise past 1.3635, 50% and 61.8% Fibo. levels, near 1.3660 and 1.3720 respectively, can test the GBP/USD buyers. Also important will be a one-month-old horizontal hurdle surrounding 1.3750-55.

Alternatively, pullback moves may retest the 23.6% Fibonacci retracement level near 1.3530 before targeting the 1.3500 round figure.

However, any further weakness pasty 1.3500 won’t hesitate to challenge the last month’s low close to 1.3410.

Overall, GBP/USD remains in the recovery mode but further upside needs a strong push to cross a crucial hurdle to the north.

GBP/USD: Four-hour chart

Trend: Pullback expected