The GBP/USD is advancing to test the level of 1.2260 as the USD
Updated
The GBP/USD is currently trading around the 1.2200 level, which coincides with the Fibonacci 23.6% retracement of the recent downtrend. If the pair manages to surpass this level and establish it as a support, the next target for a potential recovery could be the 100-period Simple Moving Average (SMA) on the 4-hour chart at 1.2250, followed by 1.2300, which corresponds to the Fibonacci 38.2% retracement.
On the downside, immediate support is found at 1.2150, which aligns with the 50-period SMA. Further support can be seen at 1.2100, which is the upper limit of the broken descending regression channel, and at 1.2050, which represents the mid-point of the descending channel.
Meanwhile, the Relative Strength Index (RSI) indicator on the 4-hour chart remains comfortably above 50, indicating that GBP/USD is still bullish in the short term.
On the downside, immediate support is found at 1.2150, which aligns with the 50-period SMA. Further support can be seen at 1.2100, which is the upper limit of the broken descending regression channel, and at 1.2050, which represents the mid-point of the descending channel.
Meanwhile, the Relative Strength Index (RSI) indicator on the 4-hour chart remains comfortably above 50, indicating that GBP/USD is still bullish in the short term.
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