GBP/USD Forecast: Heading Toward The 1.2820 Price Zone

GBP/USD Current Price: 1.2877

• UK Construction output fell for a sixth consecutive month in October.
• UK government repeated it won’t be extending the Brexit transition period.
• GBP/USD heading toward the 1.2820 price zone, an immediate Fibonacci support.

GBP/USD Short-Term Technical Outlook
The GBP/USD pair is trading at 1.2880 and near its daily low, and the 4-hour chart suggests that the pair may continue easing in the short-term, although in the wider perspective bulls retain the lead. In the mentioned chart, the pair settled below a bullish 20 SMA, while the larger moving averages continue heading higher below the current level. Technical indicators in the meantime, maintain their bearish slopes within negative levels. A critical Fibonacci support comes at 1.2820, where buyers should surge to keep the longer-term bullish potential intact.
Support levels: 1.2885 1.2850 1.2820

Resistance levels: 1.2975 1.3010 1.3050

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