GBP/USD Price Analysis: Struggles between 50-day SMA, monthly resistance-turned-support
|- GBP/USD stays mildly positive above monthly support line (previous resistance).
- May 08 top can lure buyers past-50-day SMA.
- Monthly low, key Fibonacci retracements can keep sellers hopeful during fresh declines.
Despite stepping back from 50-day SMA the previous day, GBP/USD carries the break of monthly falling trend line while taking the bids near 1.2260 amid early Wednesday.
That said, the pair aims to challenge May 08 high of 1.2467 beyond 1.2283 immediate resistance comprising 50-day SMA.
During the quote’s further rise past-1.2467, highs marked during the April month around 1.2640/50 will be the key.
Meanwhile, pair’s declines below the resistance-turned-support line of 1.236 can refresh the monthly low of 1.2075.
However, 50% and 61.8% Fibonacci retracement of the pair’s March-April rise, respectively around 1.2025 and 1.1880, can check the bears below 1.2075.
GBP/USD daily chart
Trend: Pullback expected
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