GBP/USD Revisits Support
GBP/USD is trading near the 1.2800 support zone.
Important Takeaways for GBP/USD Analysis Today
GBP/USD Technical Analysis
On the hourly chart of GBP/USD at FXOpen, the pair started a fresh decline from the 1.3120 zone. The British Pound traded below the 1.3050 support and moved into a bearish zone against the US Dollar.
The pair even traded below 1.2970 and the 50-hour simple moving average. Finally, the bulls appeared near the 1.2815 level. A low is formed near 1.2816 and the pair is now consolidating losses. It is testing a key bearish trend line with resistance near 1.2870.
The first major resistance on the GBP/USD chart is near the 23.6% Fib retracement level of the downward move from the 1.3124 swing high to the 1.2816 low at 1.2890.
The next major resistance is near the 1.2970 level. It is close to the 50% Fib retracement level of the downward move from the 1.3124 swing high to the 1.2816 low. Any more gains could lead the pair toward the 1.3050 resistance in the near term.
Initial support sits near 1.2840. The next major support sits at 1.2815 or 1.2800, below which there is a risk of a sharp decline. In the stated case, the pair could drop toward 1.2650.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
Important Takeaways for GBP/USD Analysis Today
- The British Pound started a fresh decline from the 1.3120 resistance zone.
- There is a key bearish trend line forming with resistance near 1.2870 on the hourly chart of GBP/USD at FXOpen.
GBP/USD Technical Analysis
On the hourly chart of GBP/USD at FXOpen, the pair started a fresh decline from the 1.3120 zone. The British Pound traded below the 1.3050 support and moved into a bearish zone against the US Dollar.
The pair even traded below 1.2970 and the 50-hour simple moving average. Finally, the bulls appeared near the 1.2815 level. A low is formed near 1.2816 and the pair is now consolidating losses. It is testing a key bearish trend line with resistance near 1.2870.
The first major resistance on the GBP/USD chart is near the 23.6% Fib retracement level of the downward move from the 1.3124 swing high to the 1.2816 low at 1.2890.
The next major resistance is near the 1.2970 level. It is close to the 50% Fib retracement level of the downward move from the 1.3124 swing high to the 1.2816 low. Any more gains could lead the pair toward the 1.3050 resistance in the near term.
Initial support sits near 1.2840. The next major support sits at 1.2815 or 1.2800, below which there is a risk of a sharp decline. In the stated case, the pair could drop toward 1.2650.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
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