#GBPUSD @ 1.18289 -imp levels: needs to clear 1.1870 to remain attractive to bulls
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GBP/USD has reclaimed 1.1800 following Wednesday’s choppy action. The pair needs to clear 1.1870 to extend its rebound, FXStreet’s Eren Sengezer reports.
“On the upside, 1.1870 (Fibonacci 23.6% retracement of the latest downtrend) aligns as initial resistance. With a four-hour close above that level, additional recovery gains toward 1.1900 (50-period SMA, psychological level) and 1.1940 (Fibonacci 38.2% retracement) could be witnessed.”
“Key technical support is located at 1.1800 (20-period SMA, psychological level). If that level fails, sellers could take action and drag the pair lower toward 1.1750 (static level, end-point of the downtrend) and 1.1720 (Aug. 23 low).”
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