GBP/USD drops from five-week high, slips below 61.8% Fibonacci retracement. 200-bar SMA acts as the key support, buyers will look for entry beyond two-month-old horizontal resistance. Following its pullback from the multi-day top, GBP/USD declines to 1.3055, down 0.54%, during the early Tuesday’s trading hours. In doing so, the Cable slips below 61.8% Fibonacci retracement of its drop from December 31, 2019, to February 29, 2020. As a result, sellers are now targeting the extended downside towards a 200-bar SMA level of 1.2975. Though, 50% Fibonacci retracement around 1.3000 could offer intermediate halt during the fall. Alternatively, 1.3150 can question buyers following the bounce beyond 61.8% Fibonacci retracement level of 1.3070. However, a horizontal area comprising highs marked from January 07, around 1.3200-3215 can keep limiting the pair’s run-up past-1.3150. It’s worth mentioning that the MACD histogram is teasing bears on the four-hour (H4) chart and favors to the sellers. GBP/USD four-hour chart Trend: Further declines 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 US financial conditions have deteriorated to worst level since 2009 FX Street 2 years GBP/USD drops from five-week high, slips below 61.8% Fibonacci retracement. 200-bar SMA acts as the key support, buyers will look for entry beyond two-month-old horizontal resistance. Following its pullback from the multi-day top, GBP/USD declines to 1.3055, down 0.54%, during the early Tuesday’s trading hours. In doing so, the Cable slips below 61.8% Fibonacci retracement of its drop from December 31, 2019, to February 29, 2020. As a result, sellers are now targeting the extended downside towards a 200-bar SMA level of 1.2975. Though, 50% Fibonacci retracement around 1.3000 could offer intermediate halt during the fall. Alternatively, 1.3150 can question… 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.
