GBP/USD Attempts Recovery
GBP/USD is attempting a recovery wave from 1.2090.
Important Takeaways for GBP/USD Analysis Today
· The British Pound is struggling to gain pace for a move above the 1.2200 region.
· There is a key bearish trend line forming with resistance near 1.2170 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 1.2200 zone. The British Pound traded below the 1.2140 support to move into further a bearish zone against the US Dollar, as mentioned in the previous analysis.
The pair even traded below 1.2115 and the 50-hour simple moving average. Finally, the bulls appeared near the 1.2090 level. A low was formed near 1.2093 and the pair is now attempting a short-term recovery wave.
There was a fresh upside above the 50-hour simple moving average. The pair climbed above the 50% Fib retracement level of the downward move from the 1.2191 swing high to the 1.2093 low.
Immediate resistance on the upside is near a key bearish trend line at 1.2170. It is close to the 76.4% Fib retracement level of the downward move from the 1.2191 swing high to the 1.2093 low. The first major resistance on the GBP/USD chart is near the 1.2190 level.
A close above the 1.2190 resistance might spark a decent recovery wave. The next major resistance is near the 1.2220 level. Any more gains could lead the pair toward the 1.2300 resistance in the near term.
Initial support sits near 1.2140. The next major support sits at 1.2115, below which there is a risk of another sharp decline. In the stated case, the pair could drop toward 1.2020.
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 is struggling to gain pace for a move above the 1.2200 region.
· There is a key bearish trend line forming with resistance near 1.2170 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 1.2200 zone. The British Pound traded below the 1.2140 support to move into further a bearish zone against the US Dollar, as mentioned in the previous analysis.
The pair even traded below 1.2115 and the 50-hour simple moving average. Finally, the bulls appeared near the 1.2090 level. A low was formed near 1.2093 and the pair is now attempting a short-term recovery wave.
There was a fresh upside above the 50-hour simple moving average. The pair climbed above the 50% Fib retracement level of the downward move from the 1.2191 swing high to the 1.2093 low.
Immediate resistance on the upside is near a key bearish trend line at 1.2170. It is close to the 76.4% Fib retracement level of the downward move from the 1.2191 swing high to the 1.2093 low. The first major resistance on the GBP/USD chart is near the 1.2190 level.
A close above the 1.2190 resistance might spark a decent recovery wave. The next major resistance is near the 1.2220 level. Any more gains could lead the pair toward the 1.2300 resistance in the near term.
Initial support sits near 1.2140. The next major support sits at 1.2115, below which there is a risk of another sharp decline. In the stated case, the pair could drop toward 1.2020.
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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