The GBP/USD continues to trade in between Fibonacci levels, having again flirted with the 38.2% retracement of the latest daily slide around 1.6275 earlier on the day. To the upside, however, the pair remains unable to extend beyond the 50% retracement of the same rally, in the 1.6345 price zone. Earlier on the week, an extension above this last lead to a test of next Fibonacci resistance at 1.6415, and at this point, it will take an advance above this last to see the pair set a bullish continuation pattern.
Technically however, 4 hours indicators present a mild bearish tone, below their midlines, while 20 SMA converges with the 50% retracement at 1.6345, reinforcing the strength of the immediate resistance. Some follow through below 1.6275 then, should lead to a continued slide towards 1.6190/1.6220 price zone.
View Live Chart for GBP/USD
Technically however, 4 hours indicators present a mild bearish tone, below their midlines, while 20 SMA converges with the 50% retracement at 1.6345, reinforcing the strength of the immediate resistance. Some follow through below 1.6275 then, should lead to a continued slide towards 1.6190/1.6220 price zone.
View Live Chart for GBP/USD
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