forexeatrading 
- GBP/USD faces robust resistance round 20-SMA and 61.8% Fibonacci
- Constructive momentum seems to be waning
GBP/USD continues to consolidate after the rebound from the January low of 1.2099 ran out of steam across the 1.3000 space in mid-March. Uncertainty surrounding Trump’s tariffs is probably going making it tough for the bulls to cost forward with confidence even because the current UK financial knowledge have been passable.
Following the pullback, the 20-day easy shifting common (SMA) initially acted as help however has now risen above the worth motion to cap any positive factors. Barely beneath it’s the 61.8% Fibonacci retracement of the September 2024-January 2025 downleg at 1.2923 and along with the 1.2875 degree, they’re performing as a powerful help base for the pair.
The momentum indicators recommend a impartial bias within the close to time period, because the RSI has flatlined barely above the 50 mark and the stochastics lack course too.
Ought to GBP/USD slip beneath 1.2875, there’s more likely to be additional help simply above the 1.2800 degree the place the 200-day SMA is slowly ascending. The 50% Fibonacci stands able to halt steeper declines at 1.2766, whereas the 50-day SMA is one other problem for the bears at 1.2719. Even decrease, the 100-day SMA is forming a tricky help barrier along with the 38.2% Fibonacci simply above 1.2600.
If, nevertheless, the bullish forces re-energize and handle to push the worth above the 20-day SMA, and extra importantly, above the essential 1.3000 resistance, GBP/USD may be capable to rally all the best way till the 78.6% Fibonacci of 1.3148 earlier than focusing on the September 2024 peak of 1.3433, which was a two-and-a-half-year excessive.
All in all, GBP/USD appears set to consolidate for some time longer, however a drop beneath 1.2875 would improve the draw back dangers, endangering the medium-term uptrend, whereas a climb above 1.3000 would reinforce it.
