Market Analysis: GBP/USD Turns Red
Market Analysis: GBP/USD Turns Red
GBP/USD declined below the 1.2670 support zone.
Important Takeaways for GBP/USD Analysis Today
- The British Pound started a fresh decline from the 1.2700 resistance zone.
- There is a key bearish trend line forming with resistance at 1.2640 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 1.2700 zone. The British Pound traded below the 1.2670 support to move into further a bearish zone against the US Dollar.
The pair even traded below 1.2640 and the 50-hour simple moving average. Finally, the bulls appeared near the 1.2625 level. A low was formed at 1.2621 and the pair is now consolidating losses below the 23.6% Fib retracement level of the downward move from the 1.2670 swing high to the 1.2621 low.
Immediate resistance on the upside is near a key bearish trend line at 1.2645. The trend line is close to the 50% Fib retracement level of the downward move from the 1.2670 swing high to the 1.2621 low.
The first major resistance is near the 1.2655 zone. The main hurdle sits at 1.2670. A close above the 1.2670 resistance might spark a steady upward move. The next major resistance is near the 1.2700 zone. Any more gains could lead the pair toward the 1.2740 resistance in the near term.
Initial support on the GBP/USD chart sits at 1.2625. The next major support sits at 1.2600, below which there is a risk of another sharp decline. In the stated case, the pair could drop toward 1.2550.
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GBP/USD declined below the 1.2670 support zone.
Important Takeaways for GBP/USD Analysis Today
- The British Pound started a fresh decline from the 1.2700 resistance zone.
- There is a key bearish trend line forming with resistance at 1.2640 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 1.2700 zone. The British Pound traded below the 1.2670 support to move into further a bearish zone against the US Dollar.
The pair even traded below 1.2640 and the 50-hour simple moving average. Finally, the bulls appeared near the 1.2625 level. A low was formed at 1.2621 and the pair is now consolidating losses below the 23.6% Fib retracement level of the downward move from the 1.2670 swing high to the 1.2621 low.
Immediate resistance on the upside is near a key bearish trend line at 1.2645. The trend line is close to the 50% Fib retracement level of the downward move from the 1.2670 swing high to the 1.2621 low.
The first major resistance is near the 1.2655 zone. The main hurdle sits at 1.2670. A close above the 1.2670 resistance might spark a steady upward move. The next major resistance is near the 1.2700 zone. Any more gains could lead the pair toward the 1.2740 resistance in the near term.
Initial support on the GBP/USD chart sits at 1.2625. The next major support sits at 1.2600, below which there is a risk of another sharp decline. In the stated case, the pair could drop toward 1.2550.
Trade over 50 forex markets 24 hours a day with FXOpen. Take advantage of low commissions, deep liquidity, and spreads from 0.0 pips. Open your FXOpen account now or learn more about trading forex with FXOpen.
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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