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.

GBPUSDH4.png

Similar

EUR/USD: possible ending diagonal

We're likely going to have wave [iii] inside this pattern. So, we should keep an eye on +2/8 MM Level as the next bullish target...

Popular

EUR/USD: "Double Top" pattern

Bulls faced with resistance at 1.2029, so the price is likely going to decline towards the nearest support area at 1.2003 - 1.1975...

promotions you can be interested in

Deposit with your local payment systems

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Internal error. Please try again later

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera