Not only 50% Fibonacci retracement of current month upside but 200-bar SMA also triggers the GBPUSD pair’s pullback. In doing so, the pair takes the bids to 1.2300 while heading into the UK opening on Monday.
Also supporting the recovery is oversold conditions of 14-bar RSI.
As a result, prices may revisit a 38.2% Fibonacci retracement level near 1.2345. However, pair’s further upside will be challenged by the 1.2400 resistance confluence including 100-bar SMA and a falling trend-line from September 20.