GBP/USD Corrects Lower
GBP/USD started a downside correction from the 1.3145 zone.
Important Takeaways for GBP/USD Analysis Today
The British Pound is trading in a bullish zone above 1.3080 against the US Dollar.
There was a break below a key bullish trend line with support near 1.3085 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 increase from the 1.2750 support zone. The British Pound climbed above the 1.3020 resistance zone against the US Dollar.
The bulls were able to pump the pair above 1.3080 and the 50-hour simple moving average. It tested the 1.3145 zone before it started a downside correction. There was a move below the 1.3100 level. Besides, there was a break below a key bullish trend line with support near 1.3085.
The pair is consolidating near the 23.6% Fib retracement level of the upward move from the 1.2910 swing low to the 1.3142 high.
On the downside, there is a major support forming near 1.3080. If there is a downside break below the 1.3080 support, the pair could accelerate lower. The next major support is near the 1.3020 zone. It is close to the 50% Fib retracement level of the upward move from the 1.2910 swing low to the 1.3142 high, below which the pair could test 1.2905.
Any more losses could lead the pair toward the 1.2750 support. On the upside, the GBP/USD chart indicates that the pair is facing resistance near the 50-hour simple moving average.
The next major resistance is near the 1.3145 level. If the RSI moves above 50 and the pair climbs above 1.3145, there could be another rally. In the stated case, the pair could rise toward the 1.3200 level or even 1.3240.
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 trading in a bullish zone above 1.3080 against the US Dollar.
There was a break below a key bullish trend line with support near 1.3085 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 increase from the 1.2750 support zone. The British Pound climbed above the 1.3020 resistance zone against the US Dollar.
The bulls were able to pump the pair above 1.3080 and the 50-hour simple moving average. It tested the 1.3145 zone before it started a downside correction. There was a move below the 1.3100 level. Besides, there was a break below a key bullish trend line with support near 1.3085.
The pair is consolidating near the 23.6% Fib retracement level of the upward move from the 1.2910 swing low to the 1.3142 high.
On the downside, there is a major support forming near 1.3080. If there is a downside break below the 1.3080 support, the pair could accelerate lower. The next major support is near the 1.3020 zone. It is close to the 50% Fib retracement level of the upward move from the 1.2910 swing low to the 1.3142 high, below which the pair could test 1.2905.
Any more losses could lead the pair toward the 1.2750 support. On the upside, the GBP/USD chart indicates that the pair is facing resistance near the 50-hour simple moving average.
The next major resistance is near the 1.3145 level. If the RSI moves above 50 and the pair climbs above 1.3145, there could be another rally. In the stated case, the pair could rise toward the 1.3200 level or even 1.3240.
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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