GBP/USD declines from a five-month high. A rising trend-line since July-end, 200-day SMA act as immediate key support. 61.8% Fibonacci retracement could please buyers during further upside. Despite the failure to rise beyond May-end top, the GBP/USD pair stays above the key supports as it traders near 1.2750 while heading into the London open on Wednesday. The pair needs to decline below an upward sloping trend-line since July-end, at 1.2745, adjacent to 200-day Simple Moving Average (SMA) level of 1.2714, in order to revisit 1.2585/80 horizontal support comprising mid-July highs and September month top. Given the bears’ dominance past-1.2580, 38.2% Fibonacci retracement of March-September declines, at 1.2505 could become their favorite. On the upside break above 1.2800, 61.8% Fibonacci retracement, at 1.2840, will please bulls whereas April month low nearing 1.2865 and 1.2900 round-figure might be their targets afterward. GBP/USD daily 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. View All Post By FX Street FXStreet News share Read Next The cryptocurrency market update: bears run the show again FX Street 4 years GBP/USD declines from a five-month high. A rising trend-line since July-end, 200-day SMA act as immediate key support. 61.8% Fibonacci retracement could please buyers during further upside. Despite the failure to rise beyond May-end top, the GBP/USD pair stays above the key supports as it traders near 1.2750 while heading into the London open on Wednesday. The pair needs to decline below an upward sloping trend-line since July-end, at 1.2745, adjacent to 200-day Simple Moving Average (SMA) level of 1.2714, in order to revisit 1.2585/80 horizontal support comprising mid-July highs and September month top. Given the bears' dominance past-1.2580, 38.2%… 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.
