GBP/USD Price Analysis: Bounces off multi-week low, shows some resilience below 50% Fibo. By HareshMenghani GBPUSD Technical Analysis Politics Majors Currencies
The set-up still favours bearish traders and supports prospects for a further depreciating move.The GBP/USD pair
The downward trajectory dragged spot prices to a fresh three-week low during the mid-European session, though stalled just ahead of the monthly swing low. The GBP/USD pair once again showed some resilience below the 50% Fibonacci retracement level of 1.3161-1.3749 move up and has now recovered to the 1.3465 area.
have just started drifting into the negative territory. A subsequent slide below the monthly swing low, around the 1.3430 region, will reaffirm the bearish bias and set the stage for a further near-term depreciating move.