GBP/USD: Bulls to dominate the action as long as 1.1130 stays intact

GBP/USD clings to modest daily gains near 1.1200. Bulls are expected to remain interested as long as 1.1130 holds, FXStreet’s Eren Sengezer reports.

Key near-term support aligns at 1.1130

“On the upside, the 100-period SMA forms immediate resistance at 1.1240 ahead of 1.1300 (Fibonacci 61.8% retracement of the latest downtrend). In case buyers managed to flip the latter into support, additional gains toward 1.1450 (200-period SMA) could be witnessed.”

“Supports are located at 1.1130 (Fibonacci 50% retracement), 1.1100 (psychological level) and 1.1000 (Fibonacci 38.2% retracement, 50-period SMA, psychological level).”