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GBP/USD rallies into key Fibonacci resistance
GBP/USD has managed to rally back into the 76.4% retracement overnight, following yesterday’s European Central Bank (ECB) meeting. Given the bearish wedge breakdown seen in August, alongside the move back below the swing low of $1.2811, it looks like a strong possibility that we see the sellers come back into play from this region.
A break back up through $1.3268 would negate this bearish view, yet it makes sense to either look for shorts from $1.3152, or else follow intraday charts for reversal signals.
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