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GBP/USD Price Analysis: Bulls attack key Fibonacci retracement level above 1.3700
GBP/USD bulls take a breather around 1.3720, after the biggest daily jump in six weeks, amid the initial Asia session on Tuesday. In doing so, the cable pair battles a 61.8% Fibonacci retracement level of July 20–30 upside. Given the bullish MACD signals and the pair’s U-turn from July lows, GBP/USD buyers are likely to overcome the 1.3730 immediate hurdle. However, the bullish moves may remain less convincing until staying below a convergence of 200-SMA and a descending trend line from July 30, near 1.3815. It’s worth noting that the 50% Fibonacci retracement level of 1.3778 may entertain GBP/USD buyers past ... (full story)