GBP/USD pulls back from neck-line of short-term inverse head-and-shoulders. Sustained trading below 61.8% Fibonacci retracement highlights a week-long support-line. Overbought RSI conditions increase the odds of a profit-booking wave. Having failed to cross a fortnight old rising trend-line, GBP/USD declines to 1.2345 during Tuesday morning in Asia. In doing so, the Cable refrain from confirming a short-term inverse head-and-shoulders bullish formation, which in-turn portrays brighter chances of the quote’s pullback should it manage to break 1.2340 immediate support including 61.8% Fibonacci retracement of July-September declines. Also supporting the correction to 1.2270/68 confluence, comprising one-week-old rising trend-line and 50% Fibonacci retracement, is overbought conditions of 14-bar relative strength index (RSI). Should prices slip below 1.2268, a sub-1.2200 area will well flash on sellers’ radar. On the upside, pair’s sustained run-up beyond 1.2375 resistance-line could trigger fresh advances to 1.2430 and 1.2500 with late-July tops surrounding 1.2520 and 1.2560 likely being next on bulls’ radar. GBP/USD 4-hour 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 Johnson loses election vote, is now adjourning parliament until October 14 FX Street 4 years GBP/USD pulls back from neck-line of short-term inverse head-and-shoulders. Sustained trading below 61.8% Fibonacci retracement highlights a week-long support-line. Overbought RSI conditions increase the odds of a profit-booking wave. Having failed to cross a fortnight old rising trend-line, GBP/USD declines to 1.2345 during Tuesday morning in Asia. In doing so, the Cable refrain from confirming a short-term inverse head-and-shoulders bullish formation, which in-turn portrays brighter chances of the quote's pullback should it manage to break 1.2340 immediate support including 61.8% Fibonacci retracement of July-September declines. Also supporting the correction to 1.2270/68 confluence, comprising one-week-old rising trend-line and 50% Fibonacci retracement,… 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.
