GBP/USD Analysis: Retraced by 62.20% Fibo


During Monday morning hours, the 62.20% Fibonacci retracement level at 1.2867 retraced the rate to the 1.2835 mark. 

In regards to the near-term future, most likely, that the British Pound will get appreciated against the US Dollar to break the resistance level of the 62.20% Fibo to trade at the 1.2900 level. Moreover, the 55-hour and the 100-hour SMAs will support the rate during the trading session. 

However, the GBP/USD could keep trading sideways between the 62.20% Fibo and the weekly PP due to a lack of any significant fundamental news which could affect the rate during the day!



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