GBP/USD: Focus on the 1.3725 Fibonacci retracement

Anticipated losses have reached the 1.3775 low of 12 February, where unwinding oversold intraday studies are prompting short covering and consolidation. However, daily stochastics and the Tension Indicator continue to track lower, highlighting further deterioration in sentiment and scope for further losses in the coming sessions. A later close below 1.3775 will open up the 1.3725 Fibonacci retracement, where fresh consolidation could unfold. Meanwhile, resistance remains at the 1.3925 intraday lows. Negative weekly charts should limit any unexpected break above here to 1.4000/26.