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GBP/USD trading between Fibonacci levels - FXStreet

FXStreet (Łódź) - FXStreet Chief Analyst Valeria Bednarik observes that after probing the 38.2% retracement of the latest daily slide close to 1.6275 earlier on Friday, GBP/USD now continues trading between Fibonacci levels.

Key quotes

"To the upside, however, the pair remains unable to extend beyond the 50% retracement of the same rally, in the 1.6345 price zone."

"Earlier on the week, an extension above this last lead to a test of next Fibonacci resistance at 1.6415, and at this point, it will take an advance above this last to see the pair set a bullish continuation pattern."

"Technically however, 4 hours indicators present a mild bearish tone, below their midlines, while 20 SMA converges with the 50% retracement at 1.6345, reinforcing the strength of the immediate resistance."

"Some follow through below 1.6275 then, should lead to a continued slide towards 1.6190/1.6220 price zone."

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