GBP/USD Eyes Fresh Increase
GBP/USD is showing positive signs above the 1.2200 support.
Important Takeaways for GBP/USD
· The British Pound started a downside correction from the 1.2340 resistance zone.
· There was a break below a key bullish trend lien with support near 1.2280 on the hourly chart of GBP/USD.
GBP/USD Technical Analysis
The British Pound started a fresh decline from well above 1.2320 against the US Dollar. The GBP/USD pair gained bearish momentum after there was a break below the 1.2280 support.
The pair even broke the 1.2250 support level and the 50 hourly simple moving average. Besides, there was a break below a key bullish trend lien with support near 1.2280 on the hourly chart of GBP/USD.
GBP/USD Hourly Chart
Finally, there was a spike below the 1.2200 level. A low is formed near 1.2190 on FXOpen and the pair is now correcting losses. There was a move above the 1.2220 level. The pair climbed above the 23.6% Fib retracement level of the downward move from the 1.2343 swing high to 1.2190 low.
An immediate resistance is near the 1.2250 level. The first major resistance is near the 1.2265 level and the 50 hourly simple moving average. It is near the 50% Fib retracement level of the downward move from the 1.2343 swing high to 1.2190 low.
The next major resistance is near the 1.2300 level. Any more gains could lead the pair towards the 1.2340 barrier in the near term. If not, the pair could move down and might break the 1.2200 support. The next major support is near 1.2180.
If there is a downside break, GBP/USD might test the 1.2120 support. The next major support sits at 1.2050, where the bulls might take a stand.
Disclaimer: This Forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as Financial Advice.
Important Takeaways for GBP/USD
· The British Pound started a downside correction from the 1.2340 resistance zone.
· There was a break below a key bullish trend lien with support near 1.2280 on the hourly chart of GBP/USD.
GBP/USD Technical Analysis
The British Pound started a fresh decline from well above 1.2320 against the US Dollar. The GBP/USD pair gained bearish momentum after there was a break below the 1.2280 support.
The pair even broke the 1.2250 support level and the 50 hourly simple moving average. Besides, there was a break below a key bullish trend lien with support near 1.2280 on the hourly chart of GBP/USD.
GBP/USD Hourly Chart
Finally, there was a spike below the 1.2200 level. A low is formed near 1.2190 on FXOpen and the pair is now correcting losses. There was a move above the 1.2220 level. The pair climbed above the 23.6% Fib retracement level of the downward move from the 1.2343 swing high to 1.2190 low.
An immediate resistance is near the 1.2250 level. The first major resistance is near the 1.2265 level and the 50 hourly simple moving average. It is near the 50% Fib retracement level of the downward move from the 1.2343 swing high to 1.2190 low.
The next major resistance is near the 1.2300 level. Any more gains could lead the pair towards the 1.2340 barrier in the near term. If not, the pair could move down and might break the 1.2200 support. The next major support is near 1.2180.
If there is a downside break, GBP/USD might test the 1.2120 support. The next major support sits at 1.2050, where the bulls might take a stand.
Disclaimer: This Forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as Financial Advice.
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