Market Analysis: GBP/USD Recovers
Market Analysis: GBP/USD Recovers
GBP/USD is attempting a fresh increase from the 1.3090 zone.
Important Takeaways for GBP/USD Analysis Today
- The British Pound is attempting a recovery above the 1.3130 zone against the US Dollar.
- There was a break above a key bearish trend line with resistance at 1.3120 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 decline from the 1.3265 zone. The British Pound traded below the 1.3200 zone against the US Dollar.
A low was formed near 1.3090 and the pair is now attempting a recovery wave. There was a break above the 23.6% Fib retracement level of the downward move from the 1.3266 swing high to the 1.3088 low.
There was a break above a key bearish trend line with resistance at 1.3120, and the pair settled above the 50-hour simple moving average. On the upside, the GBP/USD chart indicates that the pair is facing resistance near 1.3175, and the 50% Fib retracement level of the downward move from the 1.3266 swing high to the 1.3088 low.
The next major resistance is near the 1.3225 level. If the RSI moves above 60 and the pair climbs above 1.3225, there could be another rally. In the stated case, the pair could rise toward the 1.3265 level or even 1.3320.
On the downside, there is a major support forming near 1.3150. If there is a downside break below the 1.3150 support, the pair could accelerate lower. The next major support is near the 1.3090 zone, below which the pair could test 1.3020. Any more losses could lead the pair toward the 1.3000 support.
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 is attempting a fresh increase from the 1.3090 zone.
Important Takeaways for GBP/USD Analysis Today
- The British Pound is attempting a recovery above the 1.3130 zone against the US Dollar.
- There was a break above a key bearish trend line with resistance at 1.3120 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 decline from the 1.3265 zone. The British Pound traded below the 1.3200 zone against the US Dollar.
A low was formed near 1.3090 and the pair is now attempting a recovery wave. There was a break above the 23.6% Fib retracement level of the downward move from the 1.3266 swing high to the 1.3088 low.
There was a break above a key bearish trend line with resistance at 1.3120, and the pair settled above the 50-hour simple moving average. On the upside, the GBP/USD chart indicates that the pair is facing resistance near 1.3175, and the 50% Fib retracement level of the downward move from the 1.3266 swing high to the 1.3088 low.
The next major resistance is near the 1.3225 level. If the RSI moves above 60 and the pair climbs above 1.3225, there could be another rally. In the stated case, the pair could rise toward the 1.3265 level or even 1.3320.
On the downside, there is a major support forming near 1.3150. If there is a downside break below the 1.3150 support, the pair could accelerate lower. The next major support is near the 1.3090 zone, below which the pair could test 1.3020. Any more losses could lead the pair toward the 1.3000 support.
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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