GBP/USD: Bullish Bounce from Fibonacci SupportBritish Pound / U.S. DollarFOREXCOM:GBPUSDFOREXcomCable has recently rebounded off the 38.2% Fibonacci retracement level around 1.3145, suggesting initial downside momentum is losing steam after the July high near 1.38. This bounce comes as RSI begins turning up from oversold territory (38.70), potentially hinting at early bullish divergence. Meanwhile, the MACD remains bearish, though its histogram shows signs of contraction. Price action has slipped below the 50-day SMA (1.3508), but is still well above the 200-day SMA (1.2986), keeping the broader bullish structure intact. The area between 1.3145 and the 1.2940 (50% retracement) remains key support, while 1.3418 – a prior support now turned resistance – may act as a ceiling for any rebound attempts. Key Takeaways: Price has reacted positively to the 38.2% Fib level. MACD remains weak but shows early signs of slowing downside. RSI is attempting to reverse from near-oversold conditions. 1.3418 is the level to beat for bulls; below 1.3145 could open room to 1.2940. Until we see a daily close above the prior support at 1.3418, upside may be limited to a corrective phase within a broader pullback. Short-term bullish attempts are likely to remain fragile unless supported by improving momentum and a reclaim of the 50-day SMA. -MW