GBP/USD: 1-hour
Aha! Check out these neat technical signals lining up for GBP/USD! After that steady selloff recently, the pair could be in for a correction as bears might need to take a quick break. Using the Fibonacci retracement tool on the latest swing high and low reveals that the 61.8% level lines up with a former support area around the 1.5800 major psychological mark. A higher retracement could lead to a test of the falling trend line, which happens to coincide with the 200 SMA. Stochastic is already moving down from the overbought zone though, indicating that selling momentum is building up once more and that the pullback might be a shallow one.
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