Technical analysis of GBP/USD 02/27/2020
Currency pair British Pound – US Dollar GBP/USD went beyond the lower border of the rising channel, breaking through (MA100) and finding support at 1.2850 (50% Fibo) on the 1D timeframe. Currently, the price is consolidating in the zone of 1.2930.
The technical picture suggests that the decline will continue to key support at 1.2700, where they coincide (61.8% Fibo) with (MA200). If quotes go below this level, there is a high probability of a decline to 1.2200. If the British can not break 1.2700, then it will begin to form a new uptrend with a potential target above 1.3500.
Created by Joshua Hayn