GBP/USD holds above 1.2660-1.2650, where the 200-period Simple Moving Average (SMA) on the 4-hour chart and the Fibonacci 23.6% retracement level of the long-term uptrend align. In the meantime, the Relative Strength Index (RSI) rises toward 60, reflecting a buildup of bullish momentum.
On the upside, 1.2700 (psychological level, static level) could be seen as next hurdle before 1.2760 (static level) and 1.2800 (psychological level, static level).
If GBP/USD returns below 1.2660-1.2650 area and starts using it as resistance, additional losses toward 1.2620 (100-period SMA, 50-period SMA) and 1.2600 (psychological level) could be seen.
On the upside, 1.2700 (psychological level, static level) could be seen as next hurdle before 1.2760 (static level) and 1.2800 (psychological level, static level).
If GBP/USD returns below 1.2660-1.2650 area and starts using it as resistance, additional losses toward 1.2620 (100-period SMA, 50-period SMA) and 1.2600 (psychological level) could be seen.
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