GBP/USD Analysis: Tests 50% Fibo at 1.3485
|In essence, the past 24 hour the cable spent testing different support levels. In first hours of this trading session, it bypassed the weekly S1 and now is trying to pave the path through another support area located between the 1.3497 and 1.3491 marks. Despite an active pressure, these attempts most probably will fail because of the barrier formed by the 50% Fibonacci retracement level located at 1.3485 and the bottom trend-line of a junior descending channel. On the other hand, due to anticipation of the upcoming data releases the pair might prematurely reach the monthly PP at 1.3458. As largest part of pending orders in 50-pip range is set to buy, the currency rate, generally, is expected to make a rebound near one of the above support levels.
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