GBP/USD bounced off from key Fibo support

By FXStreet FXStreet (Mumbai) – The GBP/USD bounced-off from 1.4888 (76.4% Fibo of Apr-Jun rally) to trade at a session high of 1.4929 levels in the early European session.

Trades above hourly 50-MA

The spot currently sits above the hourly 50-MA at 1.4911 levels. A similar bounce from the key Fibo level mentioned above ran out of steam at 1.4950 on Friday, following which the pair fell back to 1.4890 levels.

The economic calendar is empty today, which leaves the pair at the mercy of the overall demand for the US dollars. At the moment, the pair is trading at 1.4925 levels.

GBP/USD Technical Levels

The immediate resistance is located at 1.4957 (Dec 8 low), above which the pair could target 1.4994 (5-DMA)-1.50 levels. On the other hand, a break below 1.4888 (76.4% Fibo of Apr-Jun rally) would open doors for a drop to 1.4739 (Apr 1 low).
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Source:: FX Street