The GBP/USD pair is currently situated at 1.3316. I am looking at how the recent advance stalled within the 1.3353-1.3404 resistance zone, which happens to be the 50% and 61.8% Fibonacci retracement levels from the move lower from 1.3569. Sellers defended this area in mid-September. The pair has since moved lower and is situated on the 100-hour SMA, which is at 1.3302, the 38.2% level.

I am looking at 1.3353 as the first resistance. A close above this level will open the 1.3404 area, and beyond that the 1.3569 level. The 1.3302 level is the first area of support, followed by the 1.3239 level, which is the 23.6% retracement, and the 1.3137 low.

EUR/USD Technical Analysis: Euro Rejected at 1.1270 as 1.1188 Support Comes Into Focus