GBPUSD Remains Pressured

It looks like the British Pound made a short-term top near 1.2987 against the US Dollar, as the GBPUSD pair declined during the past few sessions.

The most important move was below a major support at 1.2940-30, coinciding with the 38.2% Fib retracement level of the last wave from the 1.2830 low to 1.2987 high.

The pair is now below the 100 SMA (30-min) with a bearish trend line on the upside near 1.2950. At the moment, the pair is testing the 50% Fib retracement level of the last wave from the 1.2830 low to 1.2987 high.

So, there can be a minor bounce towards 1.2930-40 where it may face resistance and resume its decline. Alternatively, the pair might continue its current decline towards 1.2890.

 

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