GBPUSD

 

GBP/USD is struggling to breach a strong resistance cluster. Given its bearish trend, we're keeping a close eye out for a break lower.

  • A retracement from the June low has stalled at a resistance zone

  • The resistance zone between 1.2750 – 1.2773 comprises of the February low, a recent swing high and a 78.6% Fibonacci retracement level.

  • Even if this is breached, there’s a 38.2% Fibonacci level and the 1.2814 high nearby, which means there’s quite a few resistance levels for bears to conquer to stand any chance of turning this trend around.

  • Bears could look to fade into minor rallies beneath last week’s high or wait for a break of 1.2650 to assume the resumption of the downtrend.

 

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