GBP/USD tests near-term rising trend-line after repeated failures to clear 50% Fibonacci retracement. MACD portrays exhaustion of bullish sentiment. Having failed to cross 50% Fibonacci retracement of June-September declines, GBP/USD tests one-week-old ascending support-line as it trades near 1.2360 during Wednesday’s Asian session. In addition to a pullback from immediate resistance, 50% Fibonacci retracement, bearish signal by the 12-bar moving average convergence and divergence (MACD) also increases the odds for the pair’s fresh drop if it slips below 1.2340 trend-line support. In doing so, August 27 high of 1.2310 and early August top close to 1.2210 could become sellers’ favorites. Alternatively, pair’s run-up beyond 1.2371 resistance has multiple upside barriers, namely July 17 low of 1.2382 and July 24 bottom close to 1.2420, to cross in order to justify its strength to challenge 61.8% Fibonacci retracement level of 1.2467. 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 AUD/NZD stalling, due a sizeable correction at resistance depending on Aussie data FX Street 4 years GBP/USD tests near-term rising trend-line after repeated failures to clear 50% Fibonacci retracement. MACD portrays exhaustion of bullish sentiment. Having failed to cross 50% Fibonacci retracement of June-September declines, GBP/USD tests one-week-old ascending support-line as it trades near 1.2360 during Wednesday's Asian session. In addition to a pullback from immediate resistance, 50% Fibonacci retracement, bearish signal by the 12-bar moving average convergence and divergence (MACD) also increases the odds for the pair's fresh drop if it slips below 1.2340 trend-line support. In doing so, August 27 high of 1.2310 and early August top close to 1.2210 could become sellers' favorites.… 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.
