GBP/USD: the old resistance of $1.3010 which is also the 38.2% Fib level [Video]

Richard Perry Independent Analyst

GBP/USD

Sterling has come under renewed negative pressure in recent sessions as the politics of the UK’s Brexit once more come to the fore. A pullback from the $1.3515 post-election high has already gone through the 23.6% Fibonacci retracement (of the $1.2193/$1.3515 big bull run) around $1.3200. There is an interesting confluence at the old resistance of $1.3010 which is also the 38.2% Fib level. This old resistance is now a basis of key support (key band of old highs $1.2975/$1.3010). The RSI has now unwound into the low 50s around where the November lows were posted and if the bulls can begin to gather themselves then this could prove to be an interesting technical buying opportunity. There is price support initially around $1.3050 to also work from.

Author

Richard Perry

Independent Analyst

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