Home GBP/USD technical analysis: 1.2570, 50% Fibo. remain on bull’s radar
FXStreet News

GBP/USD technical analysis: 1.2570, 50% Fibo. remain on bull’s radar

  • The sustained trading beyond 23.6% Fibonacci retracement, 100-HMA favors the GBP/USD pair’s on-going recovery.
  • A horizontal-line comprising early-month low, current-week high acts immediate key resistance.

Despite failing to grow past-early month lows, GBP/USD remains on the road to recovery as it takes the rounds to 1.2550 ahead of the UK open on Friday.

While gradual recovery of the 14-bar relative strength index (RSI) signals the pair’s upside, the horizontal area around 1.2570, comprising early-month low and current-week high, acts as key immediate resistance for the pair.

On the beak of 1.2570, 50% Fibonacci retracement of the latest downpour ending on July 09 at 1.2587 can please the buyers whereas 1.2600 and 1.2630 could be next on their radars.

Alternatively, 23.6% Fibonacci retracement and 100-hour moving average (HMA) close to 1.2505/10 can limit near-term declines of the pair.

Should there be additional weakness past-1.2505, current month low surrounding 1.2440 and the year 2019 bottom around 1.2430 seem crucial to watch.

GBP/USD hourly 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.