Market Analysis: GBP/USD Struggles
Market Analysis: GBP/USD Struggles
GBP/USD is attempting a recovery wave from 1.2600.
Important Takeaways for GBP/USD Analysis Today
GBP/USD Technical Analysis
On the hourly chart of GBP/USD at FXOpen, the pair started a fresh decline from the 1.2700 zone. The British Pound traded below the 1.2650 support to move into further a bearish zone against the US Dollar, as mentioned in the previous analysis.
The pair even traded below 1.2620 and the 50-hour simple moving average. Finally, the bulls appeared near the 1.2600 level. A low was formed near 1.2612 and the pair is now attempting a short-term recovery wave.
There was a fresh upside above the 1.2620 level. The pair climbed above the 23.6% Fib retracement level of the downward move from the 1.2681 swing high to the 1.2612 low.
Immediate resistance on the upside is near the 50% Fib retracement level of the downward move from the 1.2681 swing high to the 1.2612 low at 1.2650 and the 50-hour simple moving average. The first major resistance on the GBP/USD chart is near the 1.2665 level.
There is also a key bearish trend line forming with resistance near 1.2665. A close above the 1.2665 resistance might spark a decent recovery wave. The next major resistance is near the 1.2700 level. Any more gains could lead the pair toward the 1.2750 resistance in the near term.
Initial support sits near 1.2620. The next major support sits at 1.2610, below which there is a risk of another sharp decline. In the stated case, the pair could drop toward 1.2540.
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 recovery wave from 1.2600.
Important Takeaways for GBP/USD Analysis Today
- The British Pound started a fresh decline from the 1.2700 resistance zone.
- There is a key bearish trend line forming with resistance near 1.2665 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 1.2700 zone. The British Pound traded below the 1.2650 support to move into further a bearish zone against the US Dollar, as mentioned in the previous analysis.
The pair even traded below 1.2620 and the 50-hour simple moving average. Finally, the bulls appeared near the 1.2600 level. A low was formed near 1.2612 and the pair is now attempting a short-term recovery wave.
There was a fresh upside above the 1.2620 level. The pair climbed above the 23.6% Fib retracement level of the downward move from the 1.2681 swing high to the 1.2612 low.
Immediate resistance on the upside is near the 50% Fib retracement level of the downward move from the 1.2681 swing high to the 1.2612 low at 1.2650 and the 50-hour simple moving average. The first major resistance on the GBP/USD chart is near the 1.2665 level.
There is also a key bearish trend line forming with resistance near 1.2665. A close above the 1.2665 resistance might spark a decent recovery wave. The next major resistance is near the 1.2700 level. Any more gains could lead the pair toward the 1.2750 resistance in the near term.
Initial support sits near 1.2620. The next major support sits at 1.2610, below which there is a risk of another sharp decline. In the stated case, the pair could drop toward 1.2540.
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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