FX.co ★ GBP/USD

On the four-hour timeframe of GBP/USD, I am currently trying to understand the likely direction of price movement in the near future. This is important because it is currently trading in a state of uncertainty. This is due to the breakout of the 38.2% Fibonacci retracement resistance and an attempt to rise to the next level at 50%, which is at the price of 1.3500. This attempt was not successful, and the price is still trading around the 38.2% level, creating difficulties in analysis. From a technical perspective, there may be a correction from the upward wave this week. If this happens, prices may correct down to 14.6%, which I have identified as a potential target in my analysis. To achieve this, it will be necessary to establish a foothold below the 200-period moving average. In general, there are some complexities in the analysis, so patience is required.