Technical Analysis: Inverse head-and-shoulders, 200-bar SMA highlights 1.3000 for GBPUSD bulls

Technical Analysis: Inverse head-and-shoulders, 200-bar SMA highlights 1.3000 for GBPUSD bulls

GBPUSD's bounce off 23.6% Fibonacci retracement again drives the pair upwards to the key 1.3000 resistance comprising the neckline of a one-month-old inverse head-and-shoulders pattern and 200-bar SMA. However, bearish MACD and flat RSI could restrict the pair's further rise. In a case where the bulls manage to cross the 1.3000 psychological magnet, it's theoretical rally towards 1.3350 can take stops near the late-August lows and 61.8% Fibonacci retracement, respectively around 1.3050 and 1.3175.

During the quote's sustained declines below 23.6% Fibonacci retracement level of 1.2860, the 1.2800 and September 11 low near 1.2760 can lure the bears. Should there be a further weakness past-1.2760, GBPUSD sellers may eye the re-test of the previous month's low of 1.2674.

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