25.03.2022 04:28 PM
GBP/USD fell toward 1.3150 in the early European session after disappointing Retail Sales data from the UK but managed to erase its daily losses. Supported by the improving market mood, the pair clings to modest daily gains near 1.3200.
The 50-period and the 100-period SMAs on the four-hour chart seem to have formed strong support at 1.3160. The Fibonacci 38.2% retracement of the latest downtrend reinforces that level as well. In case sellers drag the pair below that support, the next bearish targets could be seen at 1.3130 (static level) and 1.3100 (psychological level, Fibonacci 23.6% retracement).
On the upside, GBP/USD could extend its rebound toward 1.3260 (Fibonacci 61.8% retracement) if buyers manage to flip 1.3200 (psychological level, Fibonacci 50% retracement, 20-period SMA) into support.
Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.
If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.
Why does your IP address show your location as the USA?
Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaTrade anyway.
We are sorry for any inconvenience caused by this message.
