From TradingView · · 30s
GBP/USD Bullish Recovery Faces Bearish Trend
GBP/USD shows short-term recovery but remains bearish with key support at 1.31942.
In brief
GBP/USD shows short-term recovery but remains bearish with key support at 1.31942. GBP/USD has rebounded above 1.32900 but technical indicators suggest continued downside pressure. Originally reported by TradingView.
GBP/USD Short-Term Recovery
Price recently defended the 78.6% Fibonacci retracement at 1.31942.
Key Support at 1.31942
This level has attracted buying interest on multiple occasions.
Bearish Trend Structure
Price trades below 50-day SMA (1.34140) and 200-day SMA (1.34334).
The takeaway
GBP/USD has rebounded above 1.32900 but technical indicators suggest continued downside pressure.
