GBPUSD: Fibonacci Levels and Oversold Zones Strengthen Support
The DXY's strength has pressured markets into critical territories, pushing the pound toward key support levels towards 1.2030.
Fibonacci Extensions
Using the Fibonacci extension tool on the corrective pattern between the July 2023 high (1.3125), October 2023 low (1.2030), and September 2024 high (1.3434), the notable 1.272 extension level aligns with the 1.2030 support.
Momentum Indicators
The Relative Strength Index (RSI) is retesting levels last seen in October 2023 and September 2022 at 24.30, indicating potential near-term reversal probabilities.
What to Watch
If current support holds, a reversal could push the pair toward resistance at 1.2770, coinciding with the upper border of the 15-year consolidation range. This would require a decisive close above the 2024 lows at 1.2330.
If bearish pressures persist below the critical 1.20 level, further declines could target the 1.5 and 1.618 Fibonacci extension levels, aligning with the 1.18 and 1.1670 zones, respectively.
- Razan Hilal, CMT
Fibonacci Extensions
Using the Fibonacci extension tool on the corrective pattern between the July 2023 high (1.3125), October 2023 low (1.2030), and September 2024 high (1.3434), the notable 1.272 extension level aligns with the 1.2030 support.
Momentum Indicators
The Relative Strength Index (RSI) is retesting levels last seen in October 2023 and September 2022 at 24.30, indicating potential near-term reversal probabilities.
What to Watch
If current support holds, a reversal could push the pair toward resistance at 1.2770, coinciding with the upper border of the 15-year consolidation range. This would require a decisive close above the 2024 lows at 1.2330.
If bearish pressures persist below the critical 1.20 level, further declines could target the 1.5 and 1.618 Fibonacci extension levels, aligning with the 1.18 and 1.1670 zones, respectively.
- Razan Hilal, CMT
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