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Technical Analysis: GBPUSD pulls back from 200-bar EMA, overbought RSI signals further selling

Despite staying close to a two-week high, GBPUSD fails to clear 200-bar EMA amid, not to mention about 61.8% Fibonacci retracement of its early-month declines. While considering the pullback together with overbought RSI, the quote is likely to witness further weakness on the break of 50% Fibonacci retracement level of 1.2300. In doing so, the quote can aim for 1.2130 and 1.2000 numbers to the south whereas March 20 top near 1.1930 could question the bears afterward.

Meanwhile, the pair's sustained rise past-200-bar EMA and 61.8% Fibonacci retracement levels, respectively, near 1.2455 and 1.2520, could recall 1.2600 on the charts. It should also be noted that 1.2635/40 can offer an intermediate rest during the quote's run-up to1.2860 resistance.

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