OctaFX | OctaFX Forex Broker
Open trading account
Back

GBP/USD Price Analysis: Above 21-day SMA amid bullish MACD

  • GBP/USD registers five-day winning streak, probes 50% Fibonacci retracement.
  • A clear break of 21-day SMA, bullish MACD favor buyers.
  • 200-day SMA, 61.8% Fibonacci retracement on the bulls’ radars.

While extending its run-up beyond 21-day SMA, GBP/USD takes the bids to 1.2460 amid Monday’s Asian session. In doing so, the quote confronts 50% Fibonacci retracement of its declines from December 12, 2019, amid bullish MACD.

Although a clear break of 1.2470 mark comprising 50% Fibonacci retracement becomes necessary for the buyers to justify their strength, major attention is given to the 200-day SMA level of 1.2670 during the further upside.

Additionally, 61.8% Fibonacci retracement level of 1.2715 will also act as an additional challenge to the buyers.

Meanwhile, a daily closing below 21-day SMA level of 1.2355 could drag the quote to a 38.2% Fibonacci retracement level of 1.2217 ahead of highlighting 1.2000 mark for the sellers.

GBP/USD daily chart

Trend: Further recovery expected

 

Fed to expand its balance sheet by $4-$5 trillion in this easing cycle

Having announced its most aggressive intervention to date to help contain the fallout from the coronavirus outbreak last week, the US Federal Reserve
Read more Previous

China reports 31 new coronavirus cases in mainland as of end-march 29 vs 45 a day earlier

China reports 31 new coronavirus cases in mainland as of end-march 29 vs 45 a day earlier. More to come
Read more Next
Start livechat