GBP/USD - Closes-in on 23.6% Fibo as anticipated

29 thg 6, 2016

Resistance – 1.3567 (23.6% of 1.5019-1.3119), 1.36, 1.3660

Support – 1.3419, 1.3309 (hourly 50-MA), 1.3296-1.3274

• Pair’s rebound from the hourly 50-MA has reinforced our view that it could be heading to 1.3567 (23.6% of 1.5019-1.3119).
  

• A day end closing above the same would add credence to the technical correction and indicate a short-term bottom is in place at 1.3119. The pair then could eye 38.2% 1.3848, which is usually the case each time 23.6% Fibo is breached.
  

• On the lower side, bulls need to watch out for an hourly closing below hourly 50-MA (now seen at) 1.3309, in which case a re-test of 1.3296-1.32 appears likely.