HomeContributorsTechnical AnalysisGBPUSD Is Consolidating Around Fibo Support At 1.2155 Ahead Of US Data,...

GBPUSD Is Consolidating Around Fibo Support At 1.2155 Ahead Of US Data, Overall Structure Remains Bearish

Yesterday’s Doji signals indecision at 1.2155 support (Fibo 76.4% of 1.1986/1.2704 rally) that was dented but is still acting as valid support, following repeated rejection to close below it.

Overall strong bearish tone keeps downside in focus with firm break below 1.2155 expected to open way towards 1.1986, January’s year-to-date low.

Meantime, the pair is expected to consolidate recent fall. Initial barrier at 1.2200 zone is holding for now and keeping intact next pivot at 1.2260 (falling 10 SMA).

Signals of reversal require break above 1.2300 lower platform (reinforced by daily Tenkan-sen).

Res: 1.2171, 1.2212, 1.2260, 1.2300
Sup: 1.2155, 1.2133, 1.2100, 1.2035

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