GBP/USD Forecast: battling to regain 1.2500

Valeria Bednarik FXStreet

The GBP/USD pair continues trading a few pips below the 1.2500 figure, not far from a daily low of 1.2472, barely moving this Friday amid the absence of headlines coming from the UK. Investors are in wait-and-see mode, waiting for news coming from the US, after the Congress decided to delay the vote of the Obamacare repeal bill late Thursday. The process, is seen as a test to the current administration, as Trump's failure to achieve policymakers' support, will likely fueled the unwind of the so-called "Trump-trade" putting stocks, and the greenback under selling pressure. Additionally, the American session will see the release of the preliminary Markit manufacturing PMI and Durable Goods Orders for February in the US.

The 4 hours chart shows that the price is bouncing modestly from a sharply bullish 20 SMA, whilst technical indicators have turned flat after correcting overbought conditions, indicating diminishing selling interest. The pair topped at 1.2530 this Thursday, a few pips below a major Fibonacci resistance at 1.2540, the 23.6% retracement of the January rally.

It would take an upward acceleration beyond the mentioned Fibonacci resistance to see the pair advancing further, with 1.2585 and 1.2620 as the next probable intraday targets. Below the mentioned daily low, the next support is 1.2425, the 38.2% retracement of the mentioned rally, with further declines below it favoring a steeper correction that can extend down to 1.2345, February low and the 50% retracement of the same rally.

View live chart of the GBP/USD

Author

Valeria Bednarik

FXStreet

Valeria Bednarik was born and lives in Buenos Aires, Argentina. Her passion for math and numbers pushed her into studying economics in her younger years.

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