FX.co ★ GBPUSD at major short-term support

GBPUSD as expected has pulled back towards the 61.8% Fibonacci retracement level of the entire move higher from 1.2775 to 1.32. Support is critical for the short-term at 1.29 and at I expect at least a bounce from current levels.

The RSI is approaching oversold levels and GBPUSD is at a crucial point. There are many chances of a bounce or a full scale upward reversal from the current price area. The most important thing for bulls is not to break below 1.2775. Next Fibonacci support is at 1.2827. Bulls want to see price form a higher low and then a new upward move.