From the point of view of technical analysis, GBP/USD has broken its upward trend line in the one-hour timeframe, and now the parity ratio is below the simple moving average of 55.
Further, as long as the rate is below the 1.13165 resistance area, sellers have a high advantage to push the parity ratio below the following supports, respectively:
1- Corrective Fibo support of 38.2% AB wave.
2- 50% corrective Fibo support of the AB wave, which exactly overlaps with the simple moving of 200.
3- Corrective Fibo support of 61.8% of the AB wave.
Further, as long as the rate is below the 1.13165 resistance area, sellers have a high advantage to push the parity ratio below the following supports, respectively:
1- Corrective Fibo support of 38.2% AB wave.
2- 50% corrective Fibo support of the AB wave, which exactly overlaps with the simple moving of 200.
3- Corrective Fibo support of 61.8% of the AB wave.
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