Market Analysis: GBP/USD Falls Into The Red
Market Analysis: GBP/USD Falls Into The Red
GBP/USD failed to climb above 1.2500 and trimmed all gains.
Important Takeaways for GBP/USD Analysis Today
- The British Pound is showing bearish signs below 1.2400.
- There is a short-term declining channel forming with resistance near 1.2280 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 1.2470 zone. As mentioned in the previous analysis, the British Pound struggled to extend gains and declined below the 1.2360 support level against the US Dollar.
There was a clear move below the 1.2320 level. The pair even settled below the 1.2300 level and the 50-hour simple moving average. The pair tested the 1.2250 support zone.
A low was formed at 1.2249 and the pair is now consolidating losses. On the upside, the GBP/USD chart indicates that the pair is facing resistance near 1.2280 and a short-term declining channel. The next major resistance is near the 1.2320.
A close above the 1.2320 resistance zone could open the doors for a move toward the 50% Fib retracement level of the downward move from the 1.2471 swing high to the 1.2249 low at 1.2360.
Any more gains might send it toward the 61.8% Fib retracement level of the downward move from the 1.2471 swing high to the 1.2249 low at 1.2385. If not, the pair could resume its decline below 1.2250. On the downside, there is a key support forming near 1.2220.
If there is a downside break below the 1.2220 support, the pair could accelerate lower. The next major support is near the 1.2150 zone, below which the pair could test 1.2050. Any more losses could lead the pair toward the 1.2000 support.
Trade on TradingView with FXOpen. Consider opening an account and access over 700 markets with tight spreads from 0.0 pips and low commissions from $1.50 per lot.
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 failed to climb above 1.2500 and trimmed all gains.
Important Takeaways for GBP/USD Analysis Today
- The British Pound is showing bearish signs below 1.2400.
- There is a short-term declining channel forming with resistance near 1.2280 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 1.2470 zone. As mentioned in the previous analysis, the British Pound struggled to extend gains and declined below the 1.2360 support level against the US Dollar.
There was a clear move below the 1.2320 level. The pair even settled below the 1.2300 level and the 50-hour simple moving average. The pair tested the 1.2250 support zone.
A low was formed at 1.2249 and the pair is now consolidating losses. On the upside, the GBP/USD chart indicates that the pair is facing resistance near 1.2280 and a short-term declining channel. The next major resistance is near the 1.2320.
A close above the 1.2320 resistance zone could open the doors for a move toward the 50% Fib retracement level of the downward move from the 1.2471 swing high to the 1.2249 low at 1.2360.
Any more gains might send it toward the 61.8% Fib retracement level of the downward move from the 1.2471 swing high to the 1.2249 low at 1.2385. If not, the pair could resume its decline below 1.2250. On the downside, there is a key support forming near 1.2220.
If there is a downside break below the 1.2220 support, the pair could accelerate lower. The next major support is near the 1.2150 zone, below which the pair could test 1.2050. Any more losses could lead the pair toward the 1.2000 support.
Trade on TradingView with FXOpen. Consider opening an account and access over 700 markets with tight spreads from 0.0 pips and low commissions from $1.50 per lot.
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.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.