GBP/USD Eyes Recovery
GBP/USD is attempting a recovery wave above the 1.2000 resistance.
Important Takeaways for GBP/USD
· The British Pound is slowly moving higher above 1.2000 against the US Dollar.
· There was a break above a key bearish trend line with resistance near 1.1970 on the hourly chart of GBP/USD.
GBP/USD Technical Analysis
This past week, the British Pound extended its decline below the 1.2000 support against the US Dollar. The GBP/USD pair even traded below the 1.1950 level and traded towards 1.1920.
The pair traded as low as 1.1912 on FXOpen and recently started a minor upside correction. There was a clear move above the 1.1950 resistance and the 50 hourly simple moving average. The pair even cleared the 23.6% Fib retracement level of the downward move from the 1.2268 swing high to 1.1915 low.
GBP/USD Hourly Chart
It is now trading near the 1.2020 zone. An immediate resistance on the upside is near the 1.2050 level. It is near the 50% Fib retracement level of the downward move from the 1.2268 swing high to 1.1915 low.
The next major resistance is near the 1.2100 level, above which the pair could start a steady increase towards 1.2150. An upside break above 1.2150 might start a fresh increase towards 1.2200. Any more gains might call for a move towards 1.2250 or even 1.2320.
An immediate support is near the 1.2000 and the 50 hourly simple moving average. The next major support is near the 1.1950 level. If there is a break below the 1.1950 support, the pair could test the 1.1910 support. Any more losses might send GBP/USD towards 1.1840.
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 is slowly moving higher above 1.2000 against the US Dollar.
· There was a break above a key bearish trend line with resistance near 1.1970 on the hourly chart of GBP/USD.
GBP/USD Technical Analysis
This past week, the British Pound extended its decline below the 1.2000 support against the US Dollar. The GBP/USD pair even traded below the 1.1950 level and traded towards 1.1920.
The pair traded as low as 1.1912 on FXOpen and recently started a minor upside correction. There was a clear move above the 1.1950 resistance and the 50 hourly simple moving average. The pair even cleared the 23.6% Fib retracement level of the downward move from the 1.2268 swing high to 1.1915 low.
GBP/USD Hourly Chart
It is now trading near the 1.2020 zone. An immediate resistance on the upside is near the 1.2050 level. It is near the 50% Fib retracement level of the downward move from the 1.2268 swing high to 1.1915 low.
The next major resistance is near the 1.2100 level, above which the pair could start a steady increase towards 1.2150. An upside break above 1.2150 might start a fresh increase towards 1.2200. Any more gains might call for a move towards 1.2250 or even 1.2320.
An immediate support is near the 1.2000 and the 50 hourly simple moving average. The next major support is near the 1.1950 level. If there is a break below the 1.1950 support, the pair could test the 1.1910 support. Any more losses might send GBP/USD towards 1.1840.
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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