GBP/USD could lose steam around 1.2860, resuming bearish bias

GBP/USD could lose steam around 1.2860, resuming bearish bias

GBP/USD found a demand area between 1.2705 and 1.2636, which coincides with the Fibonacci expansion levels of 100% and 123.6%. There was a divergence formed bwteen the latest two lower swings and it seems that we can witness some recovery in coming hours. However, we should keep in mind that resistance zone of 1.2860 could act as a strong barrier for buyers, given that 200 SMA (H1 chart) is another dynamic hurdle to pay attention.

RSI indicator is supporting the bullish scenario for the Cable, but it’s entering now at the overbought territory, so be cautious of ongoing longs in the pair.

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