Home GBP/USD Technical Analysis: RSI divergence and stochastics are bearish, eyes on 50% Fibo retracement in 1.2780s

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GBP/USD Technical Analysis: RSI divergence and stochastics are bearish, eyes on 50% Fibo retracement in 1.2780s

FX Street

Published date: 25 Feb. 2019 | 01:07

GBP/USD Daily chart

GBP/USD daily stochastics are reading overbought and should be a warning to the bulls.
GBP/USD RSI showed a divergence on the daily chart to the price action on the 19th and 20th Feb
Support is being seen at the 23.6% fibo of the 2019 swing high and Feb lows as well as long-standing support/resistance line at 1.3010 1.2990 respectively.
Bears can target 50% Fibo retracement at 1.2783 on a break of 38.2% Fibo confluence with prior trendline resistance, now turned support on the 19th Feb upside break.

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