GBP/USD Price Analysis: 50-day SMA, 61.8% Fibonacci question sellers
|- GBP/USD remains on the back foot for the third consecutive day.
- Failures to cross 50% Fibonacci retracement, lower highs from early December favor the bears.
- A multi-week-old rising trend line adds to the support.
GBP/USD stays weak while declining to the intra-day low of 1.3068 by the press time of Monday’s Asian session.
The pair registers three-day losing streak while also forming a lower high pattern if observed its moves from December 2019 top.
Even so, 50-day SMA and 61.8% Fibonacci retracement of the pair’s November-December upside, around 1.3065 and 1.3050 respectively, challenges the sellers.
If at all GBP/USD prices close below 1.3050, an upward sloping trend line since November 08, at .3015, followed by 1.3000 round-figure, will be the key to watch.
Alternatively, a daily closing beyond 50% Fibonacci retracement of 1.3142 can propel prices towards December 31, 2019’s top near 1.3285.
GBP/USD daily chart
Trend: Pullback expected
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.