GBP/USD retreats from weekly peak, approaching 1.2300
The USD increased along with government bond yields across all terms, with the DXY index recovering and continuing to extend its upward momentum to 105.50 in the European session.
On the H4 frame, the RSI increased to 80 on Monday, indicating overbought conditions and a possible short-term correction. The pair broke through support at 1.2400, with the 50% Fibo level of the September peak to October low, and moved to test support at 1.2300, with a 38.2% Fibo level.
If GBP/USD fails to break through the 1.2400 support, bulls could look towards the 1.2440 resistance, then 1.2470 (with 61.8% Fibo) and 1.2500.
On the H4 frame, the RSI increased to 80 on Monday, indicating overbought conditions and a possible short-term correction. The pair broke through support at 1.2400, with the 50% Fibo level of the September peak to October low, and moved to test support at 1.2300, with a 38.2% Fibo level.
If GBP/USD fails to break through the 1.2400 support, bulls could look towards the 1.2440 resistance, then 1.2470 (with 61.8% Fibo) and 1.2500.
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