GBP/USD remains on the back foot below 100-HMA. 200-HMA can entertain sellers before 61.8% Fibonacci retracement, eight-day-old support-line come into play. With its sustained trading below 100-hour moving average (HMA), GBP/USD drops to 1.2122 ahead of the UK market open on Thursday. As a result, odds are high for the pair’s drop to 200-HMA support of 1.2104. However, 1.2078/77 confluence including 61.8% Fibonacci retracement of last two weeks’ run-up and an upward sloping trend-line since August 11 will challenge bears afterward. In a case where prices plummet below 1.2077, 1.2050/45 and 1.2015 will again appear on the chart. On the flip side, 1.2136/37 including 100-HMA and immediate declining trend-line exert downside pressure on the pair, a break of which could quickly propel the quote to week’s high around 1.2183. GBP/USD hourly 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 GBP Futures: rebound looks likely near term FX Street 4 years GBP/USD remains on the back foot below 100-HMA. 200-HMA can entertain sellers before 61.8% Fibonacci retracement, eight-day-old support-line come into play. With its sustained trading below 100-hour moving average (HMA), GBP/USD drops to 1.2122 ahead of the UK market open on Thursday. As a result, odds are high for the pair's drop to 200-HMA support of 1.2104. However, 1.2078/77 confluence including 61.8% Fibonacci retracement of last two weeks' run-up and an upward sloping trend-line since August 11 will challenge bears afterward. In a case where prices plummet below 1.2077, 1.2050/45 and 1.2015 will again appear on the chart. On the… 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.
