GBP/USD is trading around the vicinity of 1.2640, that being the 23.6% Fibonacci retracement of the upward wave from 1.2075 to 1.2815.
GBP/USD finished Monday’s session slightly above the 200-day simple moving average.
WTI crude oil futures confirmed the double bottom pattern at 10.00.
GBP/USD appears to have posted a double top at the 1.2640 resistance level.
GBP/USD although having pushed back above all simple moving averages (SMAs).
GBP/USD terminated its range-bound trading on Monday after the wall around the 1.2460 level.
GBP/USD paused its bullish rally near the 50.0% Fibonacci retracement level of the down leg from 1.3515 to 1.1409 at 1.2460.
GBP/USD has been gradually tumbling over the last couple of weeks.
GBP/USD is approaching the five-month low of 1.2200 once again.
EUR/GBP is consolidating within a trading range over the last two months.