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Technical Analysis: 1.2310/05 stays on GBPUSD sellers' watch list

Not only repeated failures to cross 61.8% Fibonacci retracement of January-March downside but the inability to rise-past 200-day SMA also speaks largely for the GBPUSD pair sellers. As a result, a confluence of 50% Fibonacci retracement and 21-day SMA, near 1.2310/05, stays on the sellers' radars. Though, the pair's further downside might have to refresh the monthly bottom surrounding 1.2165 before targeting 1.2000 psychological magnet.

Alternatively, 61.8% Fibonacci retracement and 200-day SMA restrict the immediate upside around 1.2520 and 1.2650 respectively. However, the pair's additional upside past-1.2650 will have to cross February lows near 1.2725/30 before rising any further.

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