GBP/USD clings to gains near 1.2150 ahead of US data

GBP/USD was last seen trading at 1.2060, where the 200-period Simple Moving Average on the four-hour chart is located. Slightly below that level, the 100-day SMA and the Fibonacci 38.2% retracement of the latest uptrend form strong support at 1.2040. If that support fails, the pair is likely to extend its slide toward 1.2000 (psychological level, Fibonacci 50% retracement) and 1.1950 (Fibonacci 61.8% retracement).

On the upside, 1.2100 (psychological level, Fibonacci 23.6% retracement) aligns as first resistance before 1.2140 (former support, static level) and 1.2200 (end-point of the latest uptrend, static level, psychological level).

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