GBP/USD Price Analysis: Bears will not risk entries unless breaking 1.2860/55

• GBP/USD keeps the previous day’s pullback moves from 50% Fibonacci retracement of June-September upside.
• Buyers target the monthly top amid bullish MACD, bears will have another challenge near 1.2860/55 in the form of 100-day EMA.

GBP/USD rises to 1.3028, up 0.12% intraday during early Thursday. The pair bounced off the key Fibonacci support the previous day while posting the biggest gains of the week.

Considering the bullish MACD and the strength of the support confluence, comprising 50% Fibonacci retracement and 100-day EMA, the buyers are likely aiming for the month’s high of 1.3082 during the further upside.

Should there be a clear run-up past-1.3082, the 1.3100 and the early August tops close to 1.3185 will gain the market’s attention.

On the contrary, a daily closing below 1.2860/55 will not hesitate to challenge the monthly bottom of 1.2819 before attacking the early September month’s low near 1.2760.

During the quotes’ further weakness past-1.2760, 61.8% Fibonacci retracement level near 1.2720 and the previous month’s bottom surrounding 1.2675 will become the bears’ favorites.

GBP/USD daily chart

Trend: Bullish