GBP/USD Rallies
GBP/USD climbed higher above the 1.1950 resistance zone.
Important Takeaways for GBP/USD
· The British Pound is slowly moving higher above 1.2000 against the US Dollar.
· There is a key bullish trend line forming with support near 1.2060 on the hourly chart of GBP/USD.
GBP/USD Technical Analysis
This past week, the British Pound formed a base above the 1.1800 zone against the US Dollar. The GBP/USD pair started a steady increase above the 1.1880 resistance zone.
There was a clear move above the 1.1920 resistance zone and the 50 hourly simple moving average. The pair even climbed above the 1.2000 resistance. A high is formed near 1.2141 on FXOpen and the pair is now consolidating gains.
An immediate support is near the 1.2100. The next major support is near the 1.2060 level or the 23.6% Fib retracement level of the upward move from the 1.1802 swing low to 1.2141 high.
There is also a key bullish trend line forming with support near 1.2060 on the hourly chart of GBP/USD. If there is a break below the 1.2060 support, the pair could test the 1.1970 support. It is near the 50% Fib retracement level of the upward move from the 1.1802 swing low to 1.2141 high.
Any more losses might send GBP/USD towards 1.1900. An immediate resistance on the upside is near the 1.2140 level. The next major resistance is near the 1.2180 level, above which the pair could start a steady increase towards 1.2250.
An upside break above 1.2250 might start a fresh increase towards 1.2320. Any more gains might call for a move towards 1.2380 or even 1.2450.
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 is a key bullish trend line forming with support near 1.2060 on the hourly chart of GBP/USD.
GBP/USD Technical Analysis
This past week, the British Pound formed a base above the 1.1800 zone against the US Dollar. The GBP/USD pair started a steady increase above the 1.1880 resistance zone.
There was a clear move above the 1.1920 resistance zone and the 50 hourly simple moving average. The pair even climbed above the 1.2000 resistance. A high is formed near 1.2141 on FXOpen and the pair is now consolidating gains.
An immediate support is near the 1.2100. The next major support is near the 1.2060 level or the 23.6% Fib retracement level of the upward move from the 1.1802 swing low to 1.2141 high.
There is also a key bullish trend line forming with support near 1.2060 on the hourly chart of GBP/USD. If there is a break below the 1.2060 support, the pair could test the 1.1970 support. It is near the 50% Fib retracement level of the upward move from the 1.1802 swing low to 1.2141 high.
Any more losses might send GBP/USD towards 1.1900. An immediate resistance on the upside is near the 1.2140 level. The next major resistance is near the 1.2180 level, above which the pair could start a steady increase towards 1.2250.
An upside break above 1.2250 might start a fresh increase towards 1.2320. Any more gains might call for a move towards 1.2380 or even 1.2450.
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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