GBP/USD Price Analysis: Portrays corrective pullback above 1.3900

GBP/USD cools down to 1.3930, fails to stretch the previous day’s U-turn from 1.3885, amid Thursday’s Asian session. The cable followed strong RSI and successful trading above 200-SMA, crossed on Monday, to bounce off a one-week-old horizontal area during late Wednesday. However, the corrective pullback will soon hit the first hurdle, namely 50% Fibonacci retracement of February-April downside, around 1.3960. Even if the quote manages to cross the immediate resistance, the key horizontal area established since early March and 61.8% Fibonacci retracement level, respectively near 1.4010 and 1.4020, will test the … (full story)

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