{"id":167894,"date":"2023-10-04T10:06:43","date_gmt":"2023-10-04T04:36:43","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=167894"},"modified":"2023-10-04T10:06:43","modified_gmt":"2023-10-04T04:36:43","slug":"languishes-near-seven-month-low-38-2-fibo-just-above-mid-1-2000s-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/languishes-near-seven-month-low-38-2-fibo-just-above-mid-1-2000s-crypto-news\/","title":{"rendered":"Languishes near seven-month low, 38.2% Fibo.\/just above mid-1.2000s &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div id=\"fxs_article_content\">\n<p>\n                        <span class=\"fxs_socialmedia_bar_share_label\">Share:<\/span><\/p>\n<ul>\n<li><strong>GBP\/USD is seen consolidating in a narrow band near a multi-month low touched on Tuesday.<\/strong><\/li>\n<li><strong>The extremely oversold RSI on the daily chart holds back bearish traders from placing fresh bets.<\/strong><\/li>\n<li><strong>The divergent Fed-BoE policy outlook supports prospects for an extension of the declining trend.<\/strong><\/li>\n<\/ul>\n<p>The <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.fxstreet.com\/currencies\/gbpusd\">GBP\/USD<\/a> pair struggles to register any meaningful recovery and languishes near its lowest level since March 16, around the 1.2050 area touched the previous day.<\/p>\n<p>The prospects for further policy tightening by the Federal Reserve (Fed) remain supportive of elevated US Treasury bond yields and assist the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.fxstreet.com\/currencies\/us-dollar-index\">US Dollar<\/a> (USD) to stand tall near a 10-month high. This, along with the prevalent risk-off environment, is seen as another factor benefitting the Greenback&#8217;s relative safe-haven status. Apart from this, the Bank of England&#8217;s (BoE) surprise on-hold decision in September continues to undermine the British Pound (GBP) and acts as a headwind for the GBP\/USD pair.<\/p>\n<p>From a technical perspective, the Relative Strength Index (RSI) on the daily <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.fxstreet.com\/rates-charts\/chart\">chart<\/a> is flashing extremely oversold conditions and holding back traders from placing fresh bearish bets. Hence, it will be prudent to wait for some follow-through selling below mid-1.2000s, representing the 38.2% <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.fxstreet.com\/technical-analysis\/support-resistance\/fibonacci\">Fibonacci<\/a> retracement level of the September 2022-July 2023 rally, before positioning for further losses. The GBP\/USD pair might then accelerate the downfall further towards the 1.2000 psychological mark.<\/p>\n<p>The next relevant support is pegged near the 1.1965 horizontal zone, which if broken decisively will be seen as a fresh trigger for bearish traders. The subsequent downfall has the potential to drag spot prices further towards the 1.1915 region en route to the 1.1900 mark. The GBP\/USD pair could eventually drop to the 1.1800 neighbourhood, or the YTD low touched in March, en route to the 50% Fibo. level support near the 1.1740-1.1735 area.<\/p>\n<p>On the flip side, any meaningful recovery beyond the 1.2100 mark is likely to confront a stiff hurdle near the 1.2140-1.2145 zone. A sustained strength beyond, however, could trigger a short-covering rally and allow the GBP\/USD pair to reclaim the 1.2200 round figure. The momentum could get extended further, though might still be seen as a selling opportunity and runs the risk of fizzling out rather quickly near the last week&#8217;s swing high, around the 1.2270 region.<\/p>\n<h2 class=\"fxs_headline_medium\">GBP\/USD daily chart<\/h2>\n<p><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/editorial.fxstreet.com\/miscelaneous\/image-638319904952416640.png\"><\/a><\/p>\n<h3 class=\"fxs_headline_medium\">Technical levels to watch<\/h3>\n<p>\u00a0<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Share: GBP\/USD is seen consolidating in a narrow band near a multi-month low touched on Tuesday. The extremely oversold RSI on the daily chart holds back bearish traders from placing fresh bets. The divergent Fed-BoE policy outlook supports prospects for an extension of the declining trend. The GBP\/USD pair struggles to register any meaningful recovery [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":4596,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[201,379,248,251,246,257,276,366,641,255,250,252,247,253,249,308,256,254],"class_list":["post-167894","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others","tag-blockchain","tag-bonds","tag-bsc","tag-chainlink","tag-coin","tag-cryptocurrency","tag-currencies","tag-fed","tag-gbpusd","tag-gta","tag-looks-rare","tag-oracle","tag-polygon","tag-quickswap","tag-safe-moon","tag-technical-analysis","tag-wallet","tag-wordpress"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/167894","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=167894"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/167894\/revisions"}],"predecessor-version":[{"id":167895,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/167894\/revisions\/167895"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/4596"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=167894"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=167894"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=167894"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}