Market Analysis: GBP/USD Takes Hit
Market Analysis: GBP/USD Takes Hit
GBP/USD started a fresh decline from the 1.3425 resistance zone.
Important Takeaways for GBP/USD Analysis Today
- The British Pound is showing bearish signs below the 1.3250 support.
- There is a key bearish trend line forming with resistance near 1.3170 on the hourly chart of GBP/USD at FXOpen.
GBP/USD Technical Analysis
On the hourly chart of GBP/USD at FXOpen, the pair failed to stay above the 1.3400 pivot level. As a result, the British Pound started a fresh decline below 1.3320 against the US Dollar.
There was a clear move below 1.3250 and the 50-hour simple moving average. The bears pushed the pair below 1.3150. Finally, there was a spike below the 1.3120 support zone. A low was formed near 1.3092 and the pair is now consolidating losses.
There was a minor move above the 1.3120 level. On the upside, the GBP/USD chart indicates that the pair is facing resistance near the 1.3170 level. There is also a key bearish trend line forming with resistance near 1.3170.
The trend line is close to the 23.6% Fib retracement level of the downward move from the 1.3423 swing high to the 1.3092 low. The next major resistance is near the 50-hour simple moving average at 1.3200.
A close above the 1.3200 resistance zone could open the doors for a move toward the 50% Fib retracement level of the downward move from the 1.3423 swing high to the 1.3092 low at 1.3250. Any more gains might send GBP/USD toward 1.3345.
On the downside, there is a key support forming near 1.3090. If there is a downside break below the 1.3090 support, the pair could accelerate lower. The next major support is near the 1.3040 zone, below which the pair could test 1.3000. Any more losses could lead the pair toward the 1.2840 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 started a fresh decline from the 1.3425 resistance zone.
Important Takeaways for GBP/USD Analysis Today
- The British Pound is showing bearish signs below the 1.3250 support.
- There is a key bearish trend line forming with resistance near 1.3170 on the hourly chart of GBP/USD at FXOpen.
GBP/USD Technical Analysis
On the hourly chart of GBP/USD at FXOpen, the pair failed to stay above the 1.3400 pivot level. As a result, the British Pound started a fresh decline below 1.3320 against the US Dollar.
There was a clear move below 1.3250 and the 50-hour simple moving average. The bears pushed the pair below 1.3150. Finally, there was a spike below the 1.3120 support zone. A low was formed near 1.3092 and the pair is now consolidating losses.
There was a minor move above the 1.3120 level. On the upside, the GBP/USD chart indicates that the pair is facing resistance near the 1.3170 level. There is also a key bearish trend line forming with resistance near 1.3170.
The trend line is close to the 23.6% Fib retracement level of the downward move from the 1.3423 swing high to the 1.3092 low. The next major resistance is near the 50-hour simple moving average at 1.3200.
A close above the 1.3200 resistance zone could open the doors for a move toward the 50% Fib retracement level of the downward move from the 1.3423 swing high to the 1.3092 low at 1.3250. Any more gains might send GBP/USD toward 1.3345.
On the downside, there is a key support forming near 1.3090. If there is a downside break below the 1.3090 support, the pair could accelerate lower. The next major support is near the 1.3040 zone, below which the pair could test 1.3000. Any more losses could lead the pair toward the 1.2840 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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