GBPUSD at a Crossroad
Solid ECN – The GBP/USD pair is testing the upper band of the bearish trend line on the 4-hour chart, which coincides with the 78.6% Fibonacci retracement level. As of now, the pair trades at approximately 1.258 as the uptrend cools down.
From a technical perspective, if the price remains below the descending trend line, it will likely target 1.256, followed by the 50% Fibonacci retracement level.
Conversely, if buying pressure escalates and the pound sterling rises above 1.259, the bullish wave that began on May 9 will likely target the 1.263 resistance level.