- GBP / USD fell to its lowest level in two days while extending the withdrawal of 1.2250.
- The bearish MACD keeps sellers hoping to refresh the monthly low.
- Buyers will look for an entry above 1.2300.
GBP / USD fell to 1.2217, down 0.20% on a day, after cooling the two-day low to 1.2207 in Thursday’s Asian session. In doing so, the cable extends its U-turn from the start of the session above 1.2250, without forgetting to enlarge the failure of the pair to cross 1.2300 during the current week.
That said, the bearish MACD also favors the further decline of the pair towards a 100-HMA level of 1.2200, a break of which could reduce it to 23.6% of the Fibonacci retracement from May 8th to 17th, towards 1.2170 / 65.
During the pair’s prolonged fall below 1.2165, 1.2120 and the monthly low of 1.2075 will be on the sellers’ radar.
Alternatively, the pair’s withdrawal movements must cross 1.2300 to challenge the Fibonacci retracement level at 61.8% from 1.2320 and aim for the March 12 peak near 1.2380.
GBP / USD Hourly Chart