The GBP/USD pair trades near 1.2900 during early Thursday. The quote dropped to nine-week low and is struggling near 50% Fibonacci retracement of its January to March rise. At the moment, 100-day and 200-day simple moving average (SMA) confluence region near 1.2960-65 seem nearby important resistance for the pair, a break of which can propel prices to 38.2% Fibonacci retracement near 1.3020. Though, a downward sloping trend-line since mid-March 1.3035 may challenge buyers past-1.3020. Given the pair’s ability to cross 1.3035, chances of its rally to 1.3130 can’t be denied. On the flipside, 1.2820 and 61.8% Fibonacci retracement near 1.2790 could offer adjacent support to the quote during further downside. If bears refrain from respecting oversold conditions of 14-day relative strength index (RSI) and conquer 1.2790 support, 1.2710, 1.2650 and 1.2600 should become their favorites. 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 USD/JPY resting up at broken territory (112.00/20) ahead of BoJ FX Street 4 years The GBP/USD pair trades near 1.2900 during early Thursday. The quote dropped to nine-week low and is struggling near 50% Fibonacci retracement of its January to March rise. At the moment, 100-day and 200-day simple moving average (SMA) confluence region near 1.2960-65 seem nearby important resistance for the pair, a break of which can propel prices to 38.2% Fibonacci retracement near 1.3020. Though, a downward sloping trend-line since mid-March 1.3035 may challenge buyers past-1.3020. Given the pair's ability to cross 1.3035, chances of its rally to 1.3130 can't be denied. On the flipside, 1.2820 and 61.8% Fibonacci retracement near 1.2790… 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.
