GBP/USD stays on the back foot below 50-bar SMA. Prices form a falling channel pattern since reversing from early-week high. Ever since Monday’s U-turn, GBP/USD forms a short-term falling trend-channel that directs short-term moves as it trades near 1.2845 ahead of the London open on Friday. The quote recently bounced off the formation’s support-line, at 1.2790 now, but failed to cross 50-bar Simple Moving Average (SMA) level of 1.2865. Should prices rise above 1.2865, the channel’s resistance line near 1.2930 could question buyers targeting a break above 1.3000 round-figure. On the contrary, pair’s decline below 1.2790 support can favor sellers to aim for October 11 high close to 1.2710. However, 1.2500 mark comprising 200-bar SMA and 61.8% Fibonacci retracement of the current month upside could keep the bears under check. GBP/USD 4-hour 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 The cryptocurrency market update: Bitcoin locked in a range, altcoins attempt a recovery FX Street 3 years GBP/USD stays on the back foot below 50-bar SMA. Prices form a falling channel pattern since reversing from early-week high. Ever since Monday's U-turn, GBP/USD forms a short-term falling trend-channel that directs short-term moves as it trades near 1.2845 ahead of the London open on Friday. The quote recently bounced off the formation's support-line, at 1.2790 now, but failed to cross 50-bar Simple Moving Average (SMA) level of 1.2865. Should prices rise above 1.2865, the channel's resistance line near 1.2930 could question buyers targeting a break above 1.3000 round-figure. On the contrary, pair's decline below 1.2790 support can favor sellers… 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.
