GBP/USD technical analysis: 100-HMA caps the upside, 23.6% Fibo. offers immediate support
|- Fewer moves between important levels.
- Gradually rising RSI portray strength.
Sustained trading beyond 23.6% Fibonacci retracement of latest downtick helps the GBP/USD pair to currently trading around 1.2665 while heading into the London open on Friday.
100-hour simple moving average (100-HMA) limits immediate advances at 1.2695 – 1.2700, a break of which can propel prices to 50% Fibonacci retracement of 1.2710 and then to 1.2735 including 61.8% Fibonacci retracement.
In a case where prices keep rallying above 1.2735, buyers may target 1.2800 round-figure.
On the contrary, a downside break of 1.2650, comprising 23.6% Fibonacci retracement, can drag the quote to 1.2625 and then to recent low surrounding 1.2600.
It is worth mentioning that the 14-bar relative strength index (RSI) is heading up which in turn signal strength in price momentum towards the north.
GBP/USD hourly 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.