The Fibonacci level at 1.3414 has put in some work on GBP/USD over the past year. In Q3 of 2024 it held the highs over a two week period, leading into the sell-off in Q4. And then in April of this year, it once again held the highs, but this time, the pullback was brief and buyers were able to power through a month later.
And now, over the past two weeks, this has been support for the pair, coming into play after the FOMC rate decision last week and now leading to a push up to fresh multi-year highs.
The currently weekly candle is showing as a bullish engulf and this highlights a market that's tough to chase. But, shorter-term, there's higher-low support potential at both 1.3593 and 1.3500, which could function as support on shorter-term approaches in the pair. - js
And now, over the past two weeks, this has been support for the pair, coming into play after the FOMC rate decision last week and now leading to a push up to fresh multi-year highs.
The currently weekly candle is showing as a bullish engulf and this highlights a market that's tough to chase. But, shorter-term, there's higher-low support potential at both 1.3593 and 1.3500, which could function as support on shorter-term approaches in the pair. - js
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.