GBP/USD Technical analysis

Source: Dukascopy Bank SA
GBP/USD is in a corrective phase after a strong upward move. The price peaked near 1.3855 and has been forming lower highs, showing that buying pressure is slowing. Currently, the price is around 1.37820, interacting closely with the 90-period simple moving average, which is acting as support and resistance. This suggests the market is indecisive or consolidating.



Using Fibonacci retracement from the recent swing low to the high, the key levels are 1.3855 at the top, 1.3782 where the price is now, 1.3759 as secondary support, and 1.3737 as another key support level.

The RSI is around 47.76, indicating neutral to slightly bearish momentum. There is room for the price to move in either direction. If the price holds above 1.3782 and forms a green reversal candle, it could move back up toward 1.3810 and then 1.3855. But a clean break below 1.3782 could push the price down to 1.3759 or 1.3737.
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