weekly time frame
The GBP/USD pair has hit 61% Fibonacci retracement level on the weekly time frame chart located at 1.2778 and so far the price was rejected from that level. This is the line in sand for bears as any breakout higher would be considered even more bullish. So far the monthly high was made at the level of 1.2847.
On the lower time frames, like H4, the intraday technical support is seen at the level of 1.2712 and 1.2698. The momentum hit the level of fifty, so it is neutral, but the there is still a chance for the price to move lower towards the technical supports. Please notice, the price was rejected from the 50 MA on H4 time frame chart already.
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