MarketDeal24.Com – It has become very difficult to break the resistance area 1.3425/1.3368, with 127.2% Fibonacci projection points 1.3425/1.3368, round number 1.34, 88.6% Fibonacci retracement ratio 1.3390 and September opening value 1.3368. Of these, 88.6% Fibonacci retracement ratio 1.3390 is providing the most resistance. Similarly the 1.33 handle is playing a very important role as support, which acted as resistance in early November.
After rejected from the 2019 opening level of 1.2739 in September, the buyers strengthened and crossed the 2020 opening level of 1.3250 last week and ended the upward trend for the third week in a row. If the price of GBP/USD pair increases this week, it will target the opening level of 2016 at 1.3503. Technically, the initial trend has been on a downward trend since reaching its peak in 2014.
In the daily time frame, the price moved above the bearish harmonic Gartley pattern above 1.3384/1.3312 on Monday. The price could be tested at 38.2% Fibonacci support 1.3118 if the sellers occupy the market at the current position, which will serve as the initial take profit target.