Market Analysis: GBP/USD Surges
Market Analysis: GBP/USD Surges
GBP/USD started a fresh increase above the 1.2920 zone.
Important Takeaways for GBP/USD Analysis Today
- The British Pound is eyeing more gains above the 1.3130 resistance.
- There is a connecting bullish trend line forming with support near 1.3100 on the hourly chart of GBP/USD at FXOpen.
GBP/USD Technical Analysis
On the hourly chart of GBP/USD at FXOpen, the pair formed a base above the 1.2880 level. The British Pound started a steady increase above the 1.2920 resistance zone against the US Dollar.
The pair gained strength above the 1.3000 level. The bulls even pushed the pair above the 1.3050 level and the 50-hour simple moving average. The pair tested the 1.3130 zone and is currently consolidating gains.
There was a minor decline below the 1.3100 level. The pair dipped below the 23.6% Fib retracement level of the upward move from the 1.3010 swing low to the 1.3128 high.
However, the bulls remained active near the 1.3070 level. There is also a connecting bullish trend line forming with support near 1.3100. If there is another decline, the pair could find support near the 1.3070 level.
The first major support sits at the 76.4% Fib retracement level of the upward move from the 1.3010 swing low to the 1.3128 high at 1.3050. The next major support is 1.3000.
If there is a break below 1.3000, the pair could extend the decline. The next key support is near the 1.2880 level. Any more losses might call for a test of the 1.2650 support.
Conversely, the bulls might aim for more gains. The RSI moved above the 60 level on the GBP/USD chart and the pair is now approaching a major hurdle at 1.3130. An upside break above the 1.3130 zone could send the pair toward 1.3200. Any more gains might open the doors for a test of 1.3250.
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 started a fresh increase above the 1.2920 zone.
Important Takeaways for GBP/USD Analysis Today
- The British Pound is eyeing more gains above the 1.3130 resistance.
- There is a connecting bullish trend line forming with support near 1.3100 on the hourly chart of GBP/USD at FXOpen.
GBP/USD Technical Analysis
On the hourly chart of GBP/USD at FXOpen, the pair formed a base above the 1.2880 level. The British Pound started a steady increase above the 1.2920 resistance zone against the US Dollar.
The pair gained strength above the 1.3000 level. The bulls even pushed the pair above the 1.3050 level and the 50-hour simple moving average. The pair tested the 1.3130 zone and is currently consolidating gains.
There was a minor decline below the 1.3100 level. The pair dipped below the 23.6% Fib retracement level of the upward move from the 1.3010 swing low to the 1.3128 high.
However, the bulls remained active near the 1.3070 level. There is also a connecting bullish trend line forming with support near 1.3100. If there is another decline, the pair could find support near the 1.3070 level.
The first major support sits at the 76.4% Fib retracement level of the upward move from the 1.3010 swing low to the 1.3128 high at 1.3050. The next major support is 1.3000.
If there is a break below 1.3000, the pair could extend the decline. The next key support is near the 1.2880 level. Any more losses might call for a test of the 1.2650 support.
Conversely, the bulls might aim for more gains. The RSI moved above the 60 level on the GBP/USD chart and the pair is now approaching a major hurdle at 1.3130. An upside break above the 1.3130 zone could send the pair toward 1.3200. Any more gains might open the doors for a test of 1.3250.
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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