Market Analysis: GBP/USD Takes Hit
Market Analysis: GBP/USD Takes Hit
GBP/USD started a fresh decline below the 1.3200 zone.
Important Takeaways for GBP/USD Analysis Today
- The British Pound started a major decline from the 1.3400 resistance zone.
- There was a break above a key bearish trend line forming with resistance at 1.3000 on the hourly chart of GBP/USD at FXOpen.
GBP/USD Technical Analysis
On the hourly chart of GBP/USD at FXOpen, the pair struggled to continue higher above the 1.3400 resistance zone. The British Pound started a downside correction and traded below the 1.3200 support zone against the US Dollar.
The pair even traded below 1.3040 and the 50-hour simple moving average. Finally, the bulls appeared near the 1.2975 level. A low was formed at 1.2973 and the pair is now consolidating losses. There was a minor recovery wave above the 23.6% Fib retracement level of the downward move from the 1.3102 swing high to the 1.2973 low.
Besides, there was a break above a key bearish trend line forming with resistance at 1.3000. Immediate resistance on the upside is 1.3040 or the 50% Fib retracement level of the downward move from the 1.3102 swing high to the 1.2973 low.
The first major resistance is near the 1.3075 zone. The main hurdle sits at 1.3100. A close above the 1.3100 resistance might spark a steady upward move. The next major resistance is near the 1.3180 zone. Any more gains could lead the pair toward the 1.3220 resistance in the near term.
Initial support on the GBP/USD chart sits at 1.3000. The next major support sits at 1.2975, below which there is a risk of another sharp decline. In the stated case, the pair could drop toward 1.2900.
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.
GBP/USD started a fresh decline below the 1.3200 zone.
Important Takeaways for GBP/USD Analysis Today
- The British Pound started a major decline from the 1.3400 resistance zone.
- There was a break above a key bearish trend line forming with resistance at 1.3000 on the hourly chart of GBP/USD at FXOpen.
GBP/USD Technical Analysis
On the hourly chart of GBP/USD at FXOpen, the pair struggled to continue higher above the 1.3400 resistance zone. The British Pound started a downside correction and traded below the 1.3200 support zone against the US Dollar.
The pair even traded below 1.3040 and the 50-hour simple moving average. Finally, the bulls appeared near the 1.2975 level. A low was formed at 1.2973 and the pair is now consolidating losses. There was a minor recovery wave above the 23.6% Fib retracement level of the downward move from the 1.3102 swing high to the 1.2973 low.
Besides, there was a break above a key bearish trend line forming with resistance at 1.3000. Immediate resistance on the upside is 1.3040 or the 50% Fib retracement level of the downward move from the 1.3102 swing high to the 1.2973 low.
The first major resistance is near the 1.3075 zone. The main hurdle sits at 1.3100. A close above the 1.3100 resistance might spark a steady upward move. The next major resistance is near the 1.3180 zone. Any more gains could lead the pair toward the 1.3220 resistance in the near term.
Initial support on the GBP/USD chart sits at 1.3000. The next major support sits at 1.2975, below which there is a risk of another sharp decline. In the stated case, the pair could drop toward 1.2900.
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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