GBP/USD registers a five-day winning streak. A confluence of 50% Fibonacci retracement and the descending trend line from December 31, 2019, becomes the key. 50 and 100-day SMAs can offer immediate supports during the pullback. Despite slipping back from the intra-day high of 1.3105, GBP/USD stays positive while taking rounds to 1.3095 during the Asian session on Monday. Not only its ability to cross a downward sloping trend line since December 12, 2019, but a sustained run-up beyond 50 and 100-day SMAs also portrays the underlying strength in momentum. That said, GBP/USD prices are now rising towards a confluence of 50% Fibonacci retracement of its declines from December 2019 to February 2020 as well as a falling trend line from December 31, 2019, around 1.3115/20. Should the bulls manage to keep the reins past-1.3120, January-end high close to 1.3210 as well as 61.8% Fibonacci retracement near 1.3215 will be important to watch. On the contrary, 38.2% Fibonacci retracement near 1.3030 can act as the closest support in a case of the pair’s pullback. Though 50-day and 100-day SMAs, respectively near 1.3010 and 1.2995, can question the pair’s further declines below 1.3030, if not then the broader support line around 1.2985 will be on the bears’ radars. GBP/USD daily chart Trend: Bullish 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 Fitch Rtgs: COVID-19 Adds Pressure to Australia, New Zealand Bank Earnings FX Street 3 years GBP/USD registers a five-day winning streak. A confluence of 50% Fibonacci retracement and the descending trend line from December 31, 2019, becomes the key. 50 and 100-day SMAs can offer immediate supports during the pullback. Despite slipping back from the intra-day high of 1.3105, GBP/USD stays positive while taking rounds to 1.3095 during the Asian session on Monday. Not only its ability to cross a downward sloping trend line since December 12, 2019, but a sustained run-up beyond 50 and 100-day SMAs also portrays the underlying strength in momentum. That said, GBP/USD prices are now rising towards a confluence of… 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.
