GBP/USD holds near 1.2850, barrier holds at channel boundary
Hello dear traders!
GBP/USD retraced recent losses, trading around 1.2832 during Asian hours on Wednesday. Daily chart analysis shows the pair is in the narrow part of the descending channel, suggesting a consolidation phase or a possible reversal.
Technically, GBP/USD remains slightly below the downtrend line, currently at 1.2860, and the Relative Strength Index (RSI) indicator on the 4-hour chart remains slightly below 50, reflecting a lack of buying interest.
On the downside, 1.2830 (50% Fibonacci retracement of the latest uptrend) acts as interim support ahead of 1.2800-1.2790 (psychological level, 200-period SMA) and 1.2750 (static level).
GBP/USD retraced recent losses, trading around 1.2832 during Asian hours on Wednesday. Daily chart analysis shows the pair is in the narrow part of the descending channel, suggesting a consolidation phase or a possible reversal.
Technically, GBP/USD remains slightly below the downtrend line, currently at 1.2860, and the Relative Strength Index (RSI) indicator on the 4-hour chart remains slightly below 50, reflecting a lack of buying interest.
On the downside, 1.2830 (50% Fibonacci retracement of the latest uptrend) acts as interim support ahead of 1.2800-1.2790 (psychological level, 200-period SMA) and 1.2750 (static level).
Trade closed: target reached
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Related publications
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.