GBP/USD has entered a corrective phase after its rise from six-week lows was turned back at the 200-day moving average, indicating weakening bullish sentiment and growing risks of a downturn in upcoming sessions.
The Relative Strength Index (RSI) and stochastic oscillator have retreated from overbought levels, while the Moving Average Convergence Divergence (MACD) is moving towards its bearish signal line, supporting the softer price action.
If the pair breaks decisively below the support trendline and the 1.3450 level, it could open the door to a drop to 1.3400, with further declines potentially extending to 1.3370.
Conversely, a sustained move above the 200-SMA and the 61.8% Fibonacci retracement at 1.3520 could reignite upside momentum towards 1.3555. Beyond that, bulls might challenge the 1.3580 barrier and aim for May’s triple top near 1.3650.
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