GBP/USD technical analysis: 1.2432/28 becomes the tough nut to crack for sellers

  • 21 and 50 hourly moving averages (HMAs), coupled with 23.6% Fibonacci retracement, limit the GBP/USD pair’s near-term declines.
  • Buyers wait for a sustained run-up beyond 1.2462.

With the key short-term moving averages and Fibonacci retracement levels limiting the downside, GBP/USD takes the rounds to 1.2438 heading into the UK open on Thursday.

While strong supports limit the quote’s declines, buyers await a successful rise beyond 38.2% Fibonacci retracement of 2-week old trade moves, at 1.2462, in order to register fresh upside towards 50% and 61.8% Fibonacci retracement levels, 1.2488 and 1.2512 respectively.

It should also be noted that the pair’s rise past-1.2512 might not refrain from questioning mid-month high around 1.2580.

In a case prices slip beneath 1.2432/28 support-confluence, 1.2400 and recent low surrounding 1.2380 may entertain sellers targeting 1.2300 round-figure.

GBP/USD hourly chart

Trend: Sideways

    1. R3 1.2542
    2. R2 1.25
    3. R1 1.2466
  1. PP 1.2424
    1. S1 1.2391
    2. S2 1.2349
    3. S3 1.2315


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