GBP/USD technical analysis: Sidelined between 38.2% Fibo, 21/50-day EMA

• GBP/USD stays choppy inside the nearly 80-pip range.
• Bearish MACD, failure to cross 21/50-day EMA needs verification from a break below 38.2% Fibonacci retracement.

While taking rounds to 1.2290, GBP/USD stays choppy ahead of the UK session beginning on Tuesday.

Pair’s upside has recently been capped by 21-day and 50-day exponential moving averages (EMA) around 1.2345/50 whereas the sellers fail to defy 38.2% Fibonacci retracement level of June-September declines, near 1.2270.

Supporting the downside is the bearish signal from 12-bar moving average convergence and divergence (MACD) indicator.

Even so, August 06 high close to 1.2210 and 23.6% Fibonacci retracement level of 1.2153 could challenge bears targeting 1.2100 round-figure.

On the contrary, pair’s sustained trading above 1.2350 can challenge 1.2415 and 61.8% Fibonacci retracement level of 1.2470. However, September peak around 1.2580 seems to bulls’ favorite during further advances.

GBP/USD daily chart

Trend: sideways