GBP/USD struggles to extend upside amid overbought RSI conditions. 1.2765/60, 200-day SMA acts as nearby supports. Not only 61.8% Fibonacci retracement of March-September declines but April low also challenges GBP/USD buyers as the quote seesaws near 1.2825 during early Asian session on Thursday. Prices stay firm around the five-month high but overbought conditions of 14-bar Relative Strength Index (RSI) and inability to cross the key resistances seem to doubt the latest run-up. As a result, sellers will look for the pair’s downside break of 1.2765/60 horizontal area, including multiple highs marked since mid-May, in order to aim for 200-day Simple Moving Average (SMA) level of 1.2715. During the pair’s further weakness past-1.2715, 50% Fibonacci retracement level of 1.2670 and September month high surrounding 1.2580 could lure bears. On the flip side, a sustained break of 61.8% Fibonacci retracement, at 1.2840, followed by a rise beyond April low of 1.2865, can propel the bulls towards 1.2900 and 1.2980/85 resistance levels. 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 UK’s Labor Party to support second referendum on possible new Brexit deal FX Street 4 years GBP/USD struggles to extend upside amid overbought RSI conditions. 1.2765/60, 200-day SMA acts as nearby supports. Not only 61.8% Fibonacci retracement of March-September declines but April low also challenges GBP/USD buyers as the quote seesaws near 1.2825 during early Asian session on Thursday. Prices stay firm around the five-month high but overbought conditions of 14-bar Relative Strength Index (RSI) and inability to cross the key resistances seem to doubt the latest run-up. As a result, sellers will look for the pair's downside break of 1.2765/60 horizontal area, including multiple highs marked since mid-May, in order to aim for 200-day Simple… 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.
