GBPUSD is Still Flattening Under Fibonacci Medium Term

GBPUSD is Still Flattening Under Fibonacci Medium Term

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Pound sterling traded slightly lower at around 1.341o against the US dollar. British Brexit Minister David Davis and views on the Bank of England interest rate outlook continue to keep the currency pair moving within tight ranges.

Earlier on Thursday, the GBPUSD briefly bounced to 1.3472, barely touching the 23.6% Fibonacci level which became the medium term resistance at 1.3480, but finally turned down and closed at 1.3423.

Thus the true GBPUSD bullish move is part of consolidation or correction to the descending trend 1.4375 to 1.3204 is now starting to falter.

Although the odds are not great, today GBPUSD can still move up near the resistance zone. The potential for GBPUSD movement to day closing is 1.3375 up to 1.3455 / 80.

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