- GBP/USD slips below 23.6% Fibonacci retracement after Monday’s declines.
- 1.3000, 1.3015 hold the key to further upside.
- 1.2750 can please sellers after trend line breaks.
Although month’s downpour portrayed noticeable weakness of the GBP/USD pair, prices stay above near-term key supports while flashing 1.2885 as the quote during the initial Asian trading session on Tuesday.
Among the immediate supports, 100-bar Simple Moving Average (SMA) near 1.2855 and a rising trend line since October 17, at 1.2835, becomes key for sellers to watch as a break of which could recall 1.2750.
In a case bears refrain from respecting 1.2750 rest-point, mid-October bottom close to 1.2655 and 1.2600 will flash on their radars.
Alternatively, 1.2930 and 1.2980 seems to entertain buyers during the pullback while October 22 high, surrounding 1.3000 psychological magnet, and October month top of 1.3016 could challenge bulls afterward.
GBP/USD 4-hour chart
Trend: pullback expected
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