Market Analysis: GBP/USD Regains Strength
GBP/USD started a fresh increase above the 1.2625 zone.
Important Takeaways for GBP/USD Analysis Today
GBP/USD Technical Analysis
On the hourly chart of GBP/USD at FXOpen, the pair formed a base above the 1.2625 level. The British Pound started a decent increase above the 1.2665 resistance zone against the US Dollar, as mentioned in the previous analysis.
The pair gained strength above the 1.2690 level. The bulls even pushed the pair above the 1.2725 level and the 50-hour simple moving average. More importantly, there was a break above a key bearish trend line with resistance near 1.2740.
The pair tested the 1.2755 zone and is currently consolidating gains. If there is a downside correction, the pair could test the same trend line at 1.2740.
The first major support sits at the 23.6% Fib retracement level of the upward move from the 1.2625 swing low to the 1.2755 high. The next major support is 1.2690 and the 50-hour simple moving average.
The 50% Fib retracement level of the upward move from the 1.2625 swing low to the 1.2755 high is also at 1.2690. If there is a break below 1.2690, the pair could extend the decline. The next key support is near the 1.2665 level. Any more losses might call for a test of the 1.2625 support.
Conversely, the bulls might aim for more gains. The RSI moved above the 65 level on the GBP/USD chart and the pair is now approaching a major hurdle at 1.2755. An upside break above the 1.2755 zone could send the pair toward 1.2800. Any more gains might open the doors for a test of 1.2850.
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 eyeing more gains above the 1.2755 resistance.
- There was a break above a key bearish trend line with resistance near 1.2740 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 1.2625 level. The British Pound started a decent increase above the 1.2665 resistance zone against the US Dollar, as mentioned in the previous analysis.
The pair gained strength above the 1.2690 level. The bulls even pushed the pair above the 1.2725 level and the 50-hour simple moving average. More importantly, there was a break above a key bearish trend line with resistance near 1.2740.
The pair tested the 1.2755 zone and is currently consolidating gains. If there is a downside correction, the pair could test the same trend line at 1.2740.
The first major support sits at the 23.6% Fib retracement level of the upward move from the 1.2625 swing low to the 1.2755 high. The next major support is 1.2690 and the 50-hour simple moving average.
The 50% Fib retracement level of the upward move from the 1.2625 swing low to the 1.2755 high is also at 1.2690. If there is a break below 1.2690, the pair could extend the decline. The next key support is near the 1.2665 level. Any more losses might call for a test of the 1.2625 support.
Conversely, the bulls might aim for more gains. The RSI moved above the 65 level on the GBP/USD chart and the pair is now approaching a major hurdle at 1.2755. An upside break above the 1.2755 zone could send the pair toward 1.2800. Any more gains might open the doors for a test of 1.2850.
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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