GBPUSD ANALYSIS
initial resistance is located at 1.3570 (Fibonacci 61.8% retracement of the latest uptrend). Despite rising above that level on Tuesday, GBP/USD retreated and candles on the four-hour chart closed below this hurdle, showing the buyers' unwillingness to commit to a steady recovery. On the same chart, the Relative Strength Index (RSI) is moving sideways near 50.
On the downside, the 20-period SMA could be seen as first support at 1.3520 ahead of 1.3500 (psychological level) and 1.3475 (static level).
In case buyers manage to flip 1.3570 into support, additional gains toward 1.3600 (50-period SMA) and 1.3630 (Fibonacci 50% retracement of the latest uptrend) could be witnessed.
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