GBP/USD halts the previous day’s recovery. A six-week-old rising trend line, 200-day SMA limit immediate declines. The key Fibonacci retracement levels to question the pair’s recovery. GBP/USD fails to extend the previous day’s recovery while taking rounds to 1.3030 during Wednesday’s Asian session. The cable clings to 50-day EMA while also remaining below 61.8% Fibonacci retracement level of the pair’s November-December 2019 advances. Even so, an upward sloping trend line since December 23, 2019, at 1.2990 now, could restrict the pair’s near-term downside, if not then the quote’s drop to 200-day SMA level of 1.2850 can’t be ruled out. During the pair’s further weakness below 1.2850, November 22, 2019 low near 1.2820 and the November month’s bottom close to 1.2770 can please the bears. On the contrary, 61.8% and 50% Fibonacci retracement levels, around 1.3055 and 1.3140 respectively, will guard the pair’s short-term recovery. In a case where GBP/USD prices manage to cross 1.3140 on a daily closing basis, 1.3210 and the yearly top near 1.3280 will be in focus. GBP/USD daily chart Trend: Sideways 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 RBNZ to keep rates unchanged, take note of emerging risks – ANZ FX Street 2 years GBP/USD halts the previous day’s recovery. A six-week-old rising trend line, 200-day SMA limit immediate declines. The key Fibonacci retracement levels to question the pair’s recovery. GBP/USD fails to extend the previous day’s recovery while taking rounds to 1.3030 during Wednesday’s Asian session. The cable clings to 50-day EMA while also remaining below 61.8% Fibonacci retracement level of the pair’s November-December 2019 advances. Even so, an upward sloping trend line since December 23, 2019, at 1.2990 now, could restrict the pair’s near-term downside, if not then the quote’s drop to 200-day SMA level of 1.2850 can’t be ruled out. During… 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.
