GBP/USD update - 23.6% Fibo stands exposed
Pair's breached hourly 50-MA as expected in the London morning update here. The spot clocked a high of 1.3418 and now trades around the hourly 5-MA level of 1.3361
Outlook
Outlook
- Pair's break above hourly 50-MA after bullish price-RSI divergence and bullish break from falling channel resistance has left the doors open for an extension of gains to 1.3567, which is the 23.6% Fibo retracement of the post the 'Brexit' fall - 1.5019-1.3119.
- Daily closing above 1.3567 would indicate a short-term bottom is in place at 1.3119 and the pair could move to 38.2% Fibo support.
- On the other hand, failure to sustain above hourly 50-MA if followed by a break below 1.3296 (June 23 low) would open doors for a re-test of 1.3119.
