GBP/USD: Technical Analysis Points to Banks' Support at 1.31s

Tuesday, 3 September 2024, 08:00

GBP/USD has shown signs of holding retracement support at 1.3120 in the low 1.31s, indicating a potential bullish reversal. Technical analysis highlights banks' participation in this critical level. Market participants should closely monitor these indicators for further insights.
Fxstreet
GBP/USD: Technical Analysis Points to Banks' Support at 1.31s

GBP/USD Technical Analysis in Focus

GBP/USD has corrected a bit less than a quarter of the August rally and looks to be finding support around 1.3120, which aligns with the Fibonacci retracement of 23.6% of the movement from 1.2660 to 1.3266. As the banks react to this technical indicator, we observe important market dynamics.

Key Observations

  • Support at 1.3120 demonstrates the strength of recent bullish trends.
  • Past price action suggests potential for a rebound.
  • Monitoring technical analysis will be essential for investors in navigating upcoming changes.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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