GBP/USD will fall to 1.2650 during the European session on Wednesday. Divergent Fed-BoE policy outlooks and pre-UK election jitters keep the pair weakened, despite risk appetite. Attention turns to mid-range US data, as the UK calendar is void of data.
The 200-period simple moving average (SMA) on the 4-hour chart lines up with immediate resistance at 1.2700. In case GBP/USD manages to settle above this level, technical buyers could show interest and open the door for another leg higher towards 1.2730
On the downside, support levels can be seen at 1.2640, 1.2600 (psychological level, static level) and 1.2580 (50% Fibonacci retracement level) if 1.2700 level remains intact as resistance level.
Sell GBPUSD break out 1.26700 SL 1.27000
The 200-period simple moving average (SMA) on the 4-hour chart lines up with immediate resistance at 1.2700. In case GBP/USD manages to settle above this level, technical buyers could show interest and open the door for another leg higher towards 1.2730
On the downside, support levels can be seen at 1.2640, 1.2600 (psychological level, static level) and 1.2580 (50% Fibonacci retracement level) if 1.2700 level remains intact as resistance level.
Sell GBPUSD break out 1.26700 SL 1.27000
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