GBP/USD remains depressed after taking a U-turn from 1.2490. Two-week-old resistance-turned support could restrict immediate downside. Bulls will have to cross June 24 top to confirm further advances. GBP/USD eases from 1.2490 to currently around 1.2465 during the initial hour of Tokyo open on Thursday. The cable takes a U-turn from one-week-old to defy its previous day’s break of 100-day SMA, which becomes frequent since the mid-June. As a result, sellers are jostling with a 100-day SMA level around 1.2460 to revisit the falling trend line from June 16, at 1.2400 now. It should, however, be noted that the pair’s further weakness past-1.2400 will be confined by an upward sloping trend line from May 18 and 38.2% Fibonacci retracement of March-June upside, near 1.2275/70. Alternatively, a 23.6% Fibonacci retracement level of 1.2485 can offer immediate resistance ahead of 1.2500 and June 24 top near 1.2545. Given the pair’s ability to cross 1.2545, it can rise towards 1.2690 and the previous month’s top of 1.2813. GBP/USD daily chart Trend: Pullback expected FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Goldman Sachs: We are bullish on oil further out into 2021 FX Street 3 years GBP/USD remains depressed after taking a U-turn from 1.2490. Two-week-old resistance-turned support could restrict immediate downside. Bulls will have to cross June 24 top to confirm further advances. GBP/USD eases from 1.2490 to currently around 1.2465 during the initial hour of Tokyo open on Thursday. The cable takes a U-turn from one-week-old to defy its previous day’s break of 100-day SMA, which becomes frequent since the mid-June. As a result, sellers are jostling with a 100-day SMA level around 1.2460 to revisit the falling trend line from June 16, at 1.2400 now. It should, however, be noted that the pair’s… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
