Technical Analysis: GBPUSD entertain intraday bears on key data release
Having reversed from 61.8% Fibonacci retracement on Wednesday, GBPUSD remains on the back foot as the US dollar recovers losses. The declines, despite being smaller, ignore upbeat UK Retail Sales and favor sellers ahead of the preliminary PMI readings. As a result, the pair's further downside can justify the latest drop below 50% Fibonacci retracement, while also respecting the downward sloping RSI, to initial aim for the 1.3000 round-figure. However, a confluence of a one-week-old support line and 38.2% of the Fibonacci retracement can challenge the pair's further downside around 1.2980. Even if the quote stays weaker below 1.2980, an ascending trend line from September 25, at 1.2920 now, becomes the crucial support.
Meanwhile, the pair's pullback moves beyond the 50% Fibonacci retracement level of 1.3075 can target another important Fibonacci retracement level around 1.3170. Though, any more upside will be questioned by an upward sloping resistance line stretched from September 25, presently close to 1.3200.