- GBP/USD eases from 1.3176, the highest level in six weeks, flashed the previous day.
- 61.8% Fibonacci retracement probe the buyers, sustained break of an ascending trend line from September 16 stop sellers’ entry.
- Upbeat RSI, not near the overbought area, argues for the bulls.
GBP/USD fails to extend the biggest jump in seven months, marked on Wednesday, while stepping back to 1.3137 during Thursday’s Asian session. Even so, the pair keeps its upside break of a short-term resistance line, now support, amid bullish RSI conditions.
The same can direct the GBP/USD buyers to again combat with the 61.8% Fibonacci retracement level of September month’s downside, at 1.3173 now.
However, any more upside beyond 1.3173 will have to cross the 1.3200 round-figure before giving a free hand to the bulls to challenge September month’s top near 1.3485.
Alternatively, a downside break below the previous resistance line, near 1.3115, needs to slip beneath the 1.3100 to revisit the October 12 top near 1.3080 and 50-day SMA near 1.3015.
During the GBP/USD bears’ dominance past-1.3015, the 1.3000 psychological magnet and the 100-day SMA level of 1.2856 will be the key to watch.
GBP/USD daily chart
Trend: Bullish
Share
