GBP/USD Regains Strength
GBP/USD started a strong increase and retested 1.2850.
Important Takeaways for GBP/USD Analysis Today
· The British Pound started a steady increase above the 1.2760 resistance.
· There was a break above a connecting trend line with resistance near 1.2780 on the hourly chart of GBP/USD at FXOpen.
GBP/USD Technical Analysis
On the hourly chart of GBP/USD at FXOpen, the pair was able to climb above the 1.2720 resistance zone. The British Pound gained strength after it broke the 50-hour simple moving average at 1.2760.
During the increase, there was a break above a connecting trend line with resistance near 1.2780. It opened the doors for a move toward the 1.2850 resistance where the bears emerged. A high is formed near 1.2849 and the pair is now consolidating gains.
The RSI dipped below the 60 level on the GBP/USD chart and the pair is now testing the 23.6% Fib retracement level of the upward move from the 1.2673 swing low to the 1.2849 high.
Immediate resistance is forming near the 1.2850 level. The next resistance is near 1.2880. An upside break above the 1.2880 zone could send the pair toward 1.2950. Any more gains might open the doors for a test of 1.3000.
On the downside, initial support is near the 1.2805 area. The next major support is near the 50% Fib retracement level of the upward move from the 1.2673 swing low to the 1.2849 high at 1.2760 and the 50-hour simple moving average.
If there is a break below 1.2760, the pair could extend its decline. The next key support is near the 1.2720 level. Any more losses might call for a test of the 1.2650 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.
Important Takeaways for GBP/USD Analysis Today
· The British Pound started a steady increase above the 1.2760 resistance.
· There was a break above a connecting trend line with resistance near 1.2780 on the hourly chart of GBP/USD at FXOpen.
GBP/USD Technical Analysis
On the hourly chart of GBP/USD at FXOpen, the pair was able to climb above the 1.2720 resistance zone. The British Pound gained strength after it broke the 50-hour simple moving average at 1.2760.
During the increase, there was a break above a connecting trend line with resistance near 1.2780. It opened the doors for a move toward the 1.2850 resistance where the bears emerged. A high is formed near 1.2849 and the pair is now consolidating gains.
The RSI dipped below the 60 level on the GBP/USD chart and the pair is now testing the 23.6% Fib retracement level of the upward move from the 1.2673 swing low to the 1.2849 high.
Immediate resistance is forming near the 1.2850 level. The next resistance is near 1.2880. An upside break above the 1.2880 zone could send the pair toward 1.2950. Any more gains might open the doors for a test of 1.3000.
On the downside, initial support is near the 1.2805 area. The next major support is near the 50% Fib retracement level of the upward move from the 1.2673 swing low to the 1.2849 high at 1.2760 and the 50-hour simple moving average.
If there is a break below 1.2760, the pair could extend its decline. The next key support is near the 1.2720 level. Any more losses might call for a test of the 1.2650 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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