GBP/USD may attempt to retrace the decline from the monthly high (1.2547) as it bounces back ahead of last week’s low (1.2345), but the Relative Strength Index (RSI) may continue to show the bullish momentum abating as it reverses ahead of overbought territory.
GBP/USD Rate Outlook
GBP/USD may stage further attempts to test the June 2022 high (1.2617) as it holds above the 1.2280 (23.6% Fibonacci extension) to 1.2340 (23.6% Fibonacci extension) region, with a break/close above 1.2650 (38.2% Fibonacci extension) opening up the 1.2760 (61.8% Fibonacci retracement) area.
However, failure to clear the monthly high (1.2547) may continue to pull the RSI away from overbought territory, with a break/close below the 1.2280 (23.6% Fibonacci extension) to 1.2340 (23.6% Fibonacci extension) region raising the scope for a move towards the 50-Day SMA (1.2197).
--- Written by David Song, Strategist
DavidJSong
GBP/USD Rate Outlook
GBP/USD may stage further attempts to test the June 2022 high (1.2617) as it holds above the 1.2280 (23.6% Fibonacci extension) to 1.2340 (23.6% Fibonacci extension) region, with a break/close above 1.2650 (38.2% Fibonacci extension) opening up the 1.2760 (61.8% Fibonacci retracement) area.
However, failure to clear the monthly high (1.2547) may continue to pull the RSI away from overbought territory, with a break/close below the 1.2280 (23.6% Fibonacci extension) to 1.2340 (23.6% Fibonacci extension) region raising the scope for a move towards the 50-Day SMA (1.2197).
--- Written by David Song, Strategist
DavidJSong
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