British Pound / U.S. DollarUpdated The GBP/USD is advancing to test the level of 1.2260 as the USD
The GBP/USD is currently trading around the 1.2200 level, which coincides with the Fibonacci 23.6% retracement of the recent downtrend. If the pair manages to surpass this level and establish it as a support, the next target for a potential recovery could be the 100-period Simple Moving Average (SMA) on the 4-hour chart at 1.2250, followed by 1.2300, which corresponds to the Fibonacci 38.2% retracement.
On the downside, immediate support is found at 1.2150, which aligns with the 50-period SMA. Further support can be seen at 1.2100, which is the upper limit of the broken descending regression channel, and at 1.2050, which represents the mid-point of the descending channel.
Meanwhile, the Relative Strength Index (RSI) indicator on the 4-hour chart remains comfortably above 50, indicating that GBP/USD is still bullish in the short term.
On the downside, immediate support is found at 1.2150, which aligns with the 50-period SMA. Further support can be seen at 1.2100, which is the upper limit of the broken descending regression channel, and at 1.2050, which represents the mid-point of the descending channel.
Meanwhile, the Relative Strength Index (RSI) indicator on the 4-hour chart remains comfortably above 50, indicating that GBP/USD is still bullish in the short term.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.