GBP Trading News versus USD in Forex market
8/18/2017 11:05:52 AM
The bulls seem to face tiredness after the Asian recoil, leaving the GBP/USD pair in a stage of merging sub-1.2903 handle.
Although, extensive risk-aversion saw in the Asian trades, the GBP/USD stood strong and reached upon a tepid-recovery from a dip to 1.2867 lows.
On daily chart, any struggled up-move beyond the 1.2903 handle is being sold into. Even if the pair is able to stand above the mentioned hurdle, more up-move is probable to provoke fresh supply near 1.2930 confluence persistence - including of 80-day EMA and 50% Fibonacci retracement level of 1.2587-1.3267 recent up-swing.
On the other hand, bears would be aiming for a crucial break below 1.2855-45 strong support, which if broken would turn the pair at risk to expand its near-term corrective slide even below the 1.2803 handle towards its next support near 1.2777 area.
FOREX market analysis by FxErvin.
