Market Analysis: GBP/USD Trims Gains
Market Analysis: GBP/USD Trims Gains
GBP/USD started a pullback from the 1.3050 zone.
Important Takeaways for GBP/USD Analysis Today
- The British Pound started a downside correction from the 1.3050 resistance zone.
- There is a key bearish trend line forming with resistance at 1.2940 on the hourly chart of GBP/USD at FXOpen.
GBP/USD Technical Analysis
On the hourly chart of GBP/USD at FXOpen, the pair struggled to continue higher above the 1.3050 resistance zone. The British Pound started a downside correction and traded below the 1.3010 support 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 1.2900 level. A low was formed at 1.2900 and the pair is now consolidating losses below the 23.6% Fib retracement level of the downward move from the 1.3044 swing high to the 1.2900 low.
Immediate resistance on the upside is near a key bearish trend line at 1.2940. The first major resistance is near the 1.2970 zone and the 50% Fib retracement level of the downward move from the 1.3044 swing high to the 1.2900 low.
The main hurdle sits at 1.3010. A close above the 1.3010 resistance might spark a steady upward move. The next major resistance is near the 1.3050 zone. Any more gains could lead the pair toward the 1.3120 resistance in the near term.
Initial support on the GBP/USD chart sits at 1.2900. The next major support sits at 1.2880, below which there is a risk of another sharp decline. In the stated case, the pair could drop toward 1.2840.
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 pullback from the 1.3050 zone.
Important Takeaways for GBP/USD Analysis Today
- The British Pound started a downside correction from the 1.3050 resistance zone.
- There is a key bearish trend line forming with resistance at 1.2940 on the hourly chart of GBP/USD at FXOpen.
GBP/USD Technical Analysis
On the hourly chart of GBP/USD at FXOpen, the pair struggled to continue higher above the 1.3050 resistance zone. The British Pound started a downside correction and traded below the 1.3010 support 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 1.2900 level. A low was formed at 1.2900 and the pair is now consolidating losses below the 23.6% Fib retracement level of the downward move from the 1.3044 swing high to the 1.2900 low.
Immediate resistance on the upside is near a key bearish trend line at 1.2940. The first major resistance is near the 1.2970 zone and the 50% Fib retracement level of the downward move from the 1.3044 swing high to the 1.2900 low.
The main hurdle sits at 1.3010. A close above the 1.3010 resistance might spark a steady upward move. The next major resistance is near the 1.3050 zone. Any more gains could lead the pair toward the 1.3120 resistance in the near term.
Initial support on the GBP/USD chart sits at 1.2900. The next major support sits at 1.2880, below which there is a risk of another sharp decline. In the stated case, the pair could drop toward 1.2840.
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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