GBP/USD is struggling to breach a strong resistance cluster. Given its bearish trend, we’re keeping a close eye out for a break lower.
A retracement from the June low has stalled at a resistance zone
The resistance zone between 1.2750 – 1.2773 comprises of the February low, a recent swing high and a 78.6% Fibonacci retracement level.
Even if this is breached, there’s a 38.2% Fibonacci level and the 1.2814 high nearby, which means there’s quite a few resistance levels for bears to conquer to stand any chance of turning this trend around.
Bears could look to fade into minor rallies beneath last week’s high or wait for a break of 1.2650 to assume the resumption of the downtrend.
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