The cable pair broke an ascending support line, now resistance, from September 30 the previous day but refrained from closing below 50-DMA, around 1.3710 now. Given the bullish MACD signals and multiple supports around the 1.3710-3700 area, comprising 50-DMA and 50% Fibonacci retracement (Fibo.) of late July-September fall, the GBP/USD pair’s further downside remains doubtful. Meanwhile, a convergence of the previous support and 61.8% Fibo. level near 1.3770-75 guards the quote’s corrective pullback ahead of the 200-DMA level surrounding 1.3855.
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