Intraday technical levels and trading recommendations for GBP/USD for September 12, 2018
The recent bearish movement of GBP/USD has shown signs of weakness since September 5 when an ascending bottom was established around 1.2800
The GBP/USD pair is currently testing the depicted downtrend line which comes to meet the pair around 1.3025-1.3090.
This price zone (1.3025-1.3090) corresponds to 50% and 61.8% Fibonacci levels where evident bearish rejection should be anticipated.
As long as sings of bearish rejection are demonstrated below 1.3020 (50% Fibo level), the short-term outlook remains bearish towards 1.2840 and 1.2780.
On the other hand, successful bullish breakout above 1.3090 will probably hinder the current bearish movement allowing a further bullish advance to occur towards 1.3200, 1.3250 and 1.3315.