OANDA:GBPUSD is trading in a range above 1.2700, consolidating recent losses in early Europe on Monday. The US Dollar holds the upside, keeping the pair on the back foot, despite a risk-on market environment. All eyes remain on this week's Fed decision.
GBPUSD: Technical analysis
The Relative Strength Index (RSI) indicator on the 4-hour chart stays below 40 and the 20-period Simple Moving Average (SMA) is close to making a bearish cross with the 50-period SMA, reflecting the bearish bias.
The Fibonacci 38.2% retracement of the latest uptrend aligns as key resistance at 1.2750. If GBP/USD fails to reclaim this level, sellers could look to retain control. In this scenario, 1.2720-1.2710 (Fibonacci 50% retracement, 100-period SMA) could be seen as the next support area before 1.2670 (200-period SMA, Fibonacci 61.8% retracement).
In case OANDA:GBPUSD manages to stabilize above 1.2750, 1.2780 (20-period SMA, 50-period SMA) and 1.2800 (Fibonacci 23.6% retracement) could be seen as next recovery targets.
🔼BUY SCALP GBPUSD zone 1.27400 - 1.27250
SL : 1.27000
TP 1 : 1.28000 TP 2 : 1.28500
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