GBP/USD Starts Recovery
GBP/USD is correcting losses and trading above the 1.2000 zone.
Important Takeaways for GBP/USD
· The British Pound started a decent recovery wave above the 1.2000 resistance zone.
· There was a break above a key bearish trend line with resistance near 1.1965 on the hourly chart of GBP/USD.
GBP/USD Technical Analysis
The British Pound started a fresh decline from well above 1.2120 against the US Dollar. The GBP/USD pair gained bearish momentum after there was a break below the 1.2050 support.
The pair even broke the 1.2000 support level and the 50 hourly simple moving average. The recent swing high was formed near 1.1925 on FXOpen before the price started an upside correction. There was a move above the 1.1980 level.
GBP/USD Hourly Chart
There was a break above a key bearish trend line with resistance near 1.1965 on the hourly chart of GBP/USD. Besides, there was a move above the 50% Fib retracement level of the downward move from the 1.2142 swing high to 1.1925 low.
An immediate resistance is near the 1.2050 level. It is near the 61.8% Fib retracement level of the downward move from the 1.2142 swing high to 1.1925 low.
The next major resistance is near the 1.2080 level. Any more gains could lead the pair towards the 1.2120 barrier in the near term. If not, the pair could move down and might break the 1.2000 support. The next major support is near 1.1980.
If there is a downside break, GBP/USD might test the 1.1920 support. The next major support sits at 1.1850, 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 decent recovery wave above the 1.2000 resistance zone.
· There was a break above a key bearish trend line with resistance near 1.1965 on the hourly chart of GBP/USD.
GBP/USD Technical Analysis
The British Pound started a fresh decline from well above 1.2120 against the US Dollar. The GBP/USD pair gained bearish momentum after there was a break below the 1.2050 support.
The pair even broke the 1.2000 support level and the 50 hourly simple moving average. The recent swing high was formed near 1.1925 on FXOpen before the price started an upside correction. There was a move above the 1.1980 level.
GBP/USD Hourly Chart
There was a break above a key bearish trend line with resistance near 1.1965 on the hourly chart of GBP/USD. Besides, there was a move above the 50% Fib retracement level of the downward move from the 1.2142 swing high to 1.1925 low.
An immediate resistance is near the 1.2050 level. It is near the 61.8% Fib retracement level of the downward move from the 1.2142 swing high to 1.1925 low.
The next major resistance is near the 1.2080 level. Any more gains could lead the pair towards the 1.2120 barrier in the near term. If not, the pair could move down and might break the 1.2000 support. The next major support is near 1.1980.
If there is a downside break, GBP/USD might test the 1.1920 support. The next major support sits at 1.1850, 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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