GBP/USD - Will GBP/USD Challenge 50.0% Fibo Level? - 02/07/2017 (GMT)
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- Timeframe : 4H
GBP/USD Chart
Sterling ended Monday almost unchanged against the U.S. dollar as the pair remained above the 1.2415 support barrier. Brexit concerns keep the GBP/USD pair under pressure while it rebounded on the 38.2% Fibonacci retracement level of the last upward move (January 16th low until February 2nd high) and managed to push the pair higher but has not been able to get over 1.2500.
However, currently, the price is falling and is approaching again the fibo, as well as the 1.2415 support barrier. If the pair breaks the latter level to the downside, it will open the way for the 50.0% fibo level which overlaps with the 200-SMA on the 4-hour chart near the 1.2350 obstacle. The RSI indicator is sloping to the downside over the last few sessions while the MACD oscillator is moving slightly lower with no strong momentum.
However, currently, the price is falling and is approaching again the fibo, as well as the 1.2415 support barrier. If the pair breaks the latter level to the downside, it will open the way for the 50.0% fibo level which overlaps with the 200-SMA on the 4-hour chart near the 1.2350 obstacle. The RSI indicator is sloping to the downside over the last few sessions while the MACD oscillator is moving slightly lower with no strong momentum.
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