Home GBP/USD Technical Analysis: Break of 38.2% Fibo support opens risk to test 1.31 the figure

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GBP/USD Technical Analysis: Break of 38.2% Fibo support opens risk to test 1.31 the figure

FX Street

Published date: 28 Mar. 2019 | 02:58

Bears took out the supportive 38.2% Fibo retracement of the 21st March to overnight swing highs.
A break of the 50% fibo and trendline support opens risk to the 61.8% Fibo and 1.31 the figure.
However, stochastics are oversold and a run back to the 1.32 handle as the 50% reversion of the latest drop within the symmetrical triangle opens risk to the horizontal resistance at 1.3250 ahead of the descending resistance a few pips higher up – a break of which opens the 127.20% Fibo extensions at 1.3302.

GBP/USD hourly chart

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