Market Analysis: GBP/USD Bulls Struggle
Market Analysis: GBP/USD Bulls Struggle
GBP/USD declined below the 1.2550 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 1.2635 zone. The British Pound traded below the 1.2550 support to move into further a bearish zone against the US Dollar.
The pair even traded below 1.2500 and the 50-hour simple moving average. Finally, the bulls appeared near the 1.2465 level. A low was formed at 1.2467 and the pair recently attempted a recovery wave. The pair climbed above the 1.2485 level.
It tested the 23.6% Fib retracement level of the downward move from the 1.2594 swing high to the 1.2467 low. However, the bears were active near 1.2500.
Immediate resistance on the upside is near a key bearish trend line at 1.2500. The first major resistance is near the 50% Fib retracement level of the downward move from the 1.2594 swing high to the 1.2467 low at 1.2530.
A close above the 1.2530 resistance might spark a steady upward move. The next major resistance is near the 1.2595 zone. Any more gains could lead the pair toward the 1.2635 resistance in the near term.
Initial support on the GBP/USD chart sits at 1.2465. The next major support sits at 1.2440, below which there is a risk of another sharp decline. In the stated case, the pair could drop toward 1.2350.
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.
GBP/USD declined below the 1.2550 support zone.
Important Takeaways for GBP/USD Analysis Today
- The British Pound started a fresh decline from the 1.2635 resistance zone.
- There is a key bearish trend line forming with resistance at 1.2500 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 1.2635 zone. The British Pound traded below the 1.2550 support to move into further a bearish zone against the US Dollar.
The pair even traded below 1.2500 and the 50-hour simple moving average. Finally, the bulls appeared near the 1.2465 level. A low was formed at 1.2467 and the pair recently attempted a recovery wave. The pair climbed above the 1.2485 level.
It tested the 23.6% Fib retracement level of the downward move from the 1.2594 swing high to the 1.2467 low. However, the bears were active near 1.2500.
Immediate resistance on the upside is near a key bearish trend line at 1.2500. The first major resistance is near the 50% Fib retracement level of the downward move from the 1.2594 swing high to the 1.2467 low at 1.2530.
A close above the 1.2530 resistance might spark a steady upward move. The next major resistance is near the 1.2595 zone. Any more gains could lead the pair toward the 1.2635 resistance in the near term.
Initial support on the GBP/USD chart sits at 1.2465. The next major support sits at 1.2440, below which there is a risk of another sharp decline. In the stated case, the pair could drop toward 1.2350.
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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