GBP/USD: 1.3500 aligns as critical support

FXStreet Insights Team FXStreet

GBP/USD has declined toward 1.3500 pressured by risk aversion. The bearish pressure could ramp up in case that levels turn into resistance, FXStreet’s Eren Sengezer reports.

1.3520 forms the first technical resistance

“1.3500 (psychological level, Fibonacci 50% retracement of the latest uptrend) aligns as critical support. If a four-hour candle closes below that level and uses it as resistance, the next bearish target is located at 1.3470 (Fibonacci 61.8% retracement) ahead of 1.3440 (static level).”

“On the upside, 1.3520 (Fibonacci 38.2% retracement) forms the first technical resistance before the 1.3550/1.3560 area (200-period SMA, Fibonacci 23.6% retracement).”

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FXStreet Insights Team

FXStreet

The FXStreet Insights Team is a group of journalists that handpicks selected market observations published by renowned experts. The content includes notes by commercial as well as additional insights by internal and external analysts.

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