# GBP/USD Potential Pullback (February 18, 2014)

Source: https://www.tradersway.com/resources/market-info/gbp-usd-potential-pullback-february-18-2014/
Language: en
Updated: 2014-02-18

GBP/USD has made a stellar rally in the past few trading days, but it appears that the climb is losing steam and the pair needs to make a pullback.



On the 1-hour chart, it can be seen that the 38.2% Fib level lines up with the former resistance around the 1.6600 major psychological level. A retracement to this potential support zone could result to a bounce back to the previous highs. Stochastic is already moving out of the oversold zone though, indicating that bulls are eager to let the rally resume.



![GBP/USD Potential Pullback (February 18, 2014)]



Going long at 1.6600 with a stop below the 61.8% Fib and a target of the previous highs around 1.6800 could mean a 1:1 return on risk.



*By Kate Curtis from Trader’s Way*