GBP/USD approaches a strong demand zone

GBP/USD approaches a strong demand zone

GBP/USD is looking for a very interesting Fibonacci area where buyers could appear. The 200 SMA is also giving strength to this outlook and that’s why the Cable could plummet to test the zone between 1.2967 and 1.2920, which corresponds to the Fibonacci retracement levels of 50% and 65% respectively. If a rebound happens over there, the pair might be targeting for the 1.3198 level (-23.6%).

RSI indicator remains in the negative territory, calling for another leg lower in the Cable.




Morning brief for May 30

 Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…

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