|R1||1.3020||*||50-day moving average||S1||1.2959||January 13 low|
|R2||1.3062||*||January 13 high||S2||1.2920||*||38.2% from September 3|
|R4||1.3124||January 9 high||S4||1.2876||November 29 low|
Asterisk denotes strength of level
18:00 GMT - The GBP/USD bounce back to the 50-day moving average at 1.3020 does not appear to be a valid reversal to an upside trend. However, the pair seemingly does not want to stray too far from key levels at this point in the week. Even though the downside is on hold on Tuesday, the market still looks vulnerable to the 38.2% Fibonacci level at 1.2920.