GBP/USD: Acceptance above 38.2% Fibo. sets the stage for a move beyond 1.2600 by HareshMenghani gbpusd majors
selling. Given that the markets already seem to have fully priced in at least a 50 bps Fed rate hike move over the next two meetings, signs of stability in the financial markets undermined the safe-haven buck. The British pound was further supported by the Bank of England Chief Economist Huw Pill's remarks on Friday, saying that they still have some way to go in policy tightening as MPC sees an upside skew in the risks around the inflation.
On the flip side, the 38.2% Fibo. level resistance breakpoint, around the 1.2500 mark, now seems to act as immediate strong support. Any subsequent decline is likely to find decent support near the 1.2455-1.2450 region, below which the GBP/USD pair might accelerate the fall towards the 1.2400-1.2390 confluence. The latter comprises 100-period SMA on the 4-hourand the 23.6% Fibo. level. A convincing break below will shift the bias back in favour of bearish traders and make the pair vulnerable.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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