GBP/USD continues to fluctuate in a narrow band near 1.2800 in the American session on Wednesday. Earlier in the day, the data from the UK showed that the real GDP expanded by 0.2% on a monthly basis in January as expected but failed to trigger a reaction in the pair.
The Relative Strength Index (RSI) indicator on the 4-hour chart stays near 50, reflecting a lack of directional momentum. In case the pair stabilizes above 1.2800, where the mid-point of the ascending regression channel meets the Fibonacci 23.6% retracement of the latest uptrend, it could target 1.2850 (static level) and 1.2880 (upper limit of the ascending channel, end-point of the uptrend) next.
Confirm Chart GBPUSD
The Relative Strength Index (RSI) indicator on the 4-hour chart stays near 50, reflecting a lack of directional momentum. In case the pair stabilizes above 1.2800, where the mid-point of the ascending regression channel meets the Fibonacci 23.6% retracement of the latest uptrend, it could target 1.2850 (static level) and 1.2880 (upper limit of the ascending channel, end-point of the uptrend) next.
Confirm Chart GBPUSD
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My Channel Link
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Check My Performance
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.