GBPUSD Correcting Lower

GBPUSDH1The British Pound spiked higher above 1.3000 recently against the US Dollar, but struggled to gain momentum. The GBPUSD pair attempted a break above 1.3030 on two occasions but failed.

The pair has started a correction and moved below the 23.6% Fib retracement level of the last wave from the 1.2793 low to 1.3029 high.

So, there is a chance of it extending the correction wave towards the 1.2900 handle. An initial support is around the 38.2% Fib retracement level of the last wave from the 1.2793 low to 1.3029 high at 1.2933, followed by the 100 simple moving average at 1.2925.

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