GBP/USD Tested Fibonacci 23.60% Retracement

Technical analysis of Forex market

On Thursday, the GBP/USD exchange rate reached the 1.2560 level. During today’s morning, the rate reversed south from the Fibonacci 23.60% retracement at 1.2573.

It is likely that the currency pair could continue to go downside in the nearest future. However, note that the pair could get support of the 55– and 100-hour SMAs, as well the monthly R2 in the 1.2459/1.2474 range.

If the given support level holds, it is likely that the rate could reverse north to re-test the given Fibonacci level. Otherwise, the pair could decline to the support level formed by the 200-hour SMA and the weekly PP at 1.2416

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