GBP/USD testing a key demand zone

GBP/USD testing a key demand zone

There is an interesting price action in the GBP/USD pair across the board, as the 200 SMA at H1 chart is moving into the Fibonacci area of 50% at 1.3977. Such level is being shown as a strong demand territory where the bulls could gather momentum in order to strengthen the bullish bias and it can go to the hunt of the Fibonacci level of -23.6% at 1.4369. However, if the 200 SMA gives up, then it can plummet towards 1.3711.

RSI indicator stays in the positive territory.

GBPUSDH4.png

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GBP/USD: pound entered into channel Tenkan-Kijun

Bullish Ichimoku Cloud with horizontal Senkou Span A and B; a golden cross of Tenkan-sen and Kijun-sen with horizontal lines; the market is under strong resistance and prices entered into the channel Tenkan-Kijun.

gbp

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