GBP/USD loses upside momentum while reversing from 21-day SMA. 1.2100 becomes an immediate support to watch. GBP/USD pulls back from the 21-day simple moving average (SMA) as it drops to 1.2150 heading into the UK open on Wednesday. Buyers stay away unless the pair clear immediate upside barrier, namely 21-day SMA level of 1.2175. Even so, 23.6% Fibonacci retracement of June-August south-run, around 1.2200, and an eight-week-old descending trend-line at 1.2290 will challenge the upswing. If at all bulls cross 1.2290 resistance, 50% Fibonacci retracement of 1.2400 will be on their radars. Alternatively, multiple extremes marked since early-month highlight 1.2100 as a near-term key support, a break of which can fetch prices to 1.2060 and then to the monthly low of 1.2015. Traders will also be mindful of the year 2016 low surrounding 1.1800 if prices extend downpour below 2017 bottom of 1.1987. GBP/USD daily chart Trend: Bearish 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 GBP/USD bulls looking at 1.2261 as the next upside target Yohay Elam 4 years GBP/USD loses upside momentum while reversing from 21-day SMA. 1.2100 becomes an immediate support to watch. GBP/USD pulls back from the 21-day simple moving average (SMA) as it drops to 1.2150 heading into the UK open on Wednesday. Buyers stay away unless the pair clear immediate upside barrier, namely 21-day SMA level of 1.2175. Even so, 23.6% Fibonacci retracement of June-August south-run, around 1.2200, and an eight-week-old descending trend-line at 1.2290 will challenge the upswing. If at all bulls cross 1.2290 resistance, 50% Fibonacci retracement of 1.2400 will be on their radars. Alternatively, multiple extremes marked since early-month highlight 1.2100… 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.
