Market Analysis: GBP/USD Dives
Market Analysis: GBP/USD Dives
GBP/USD started a fresh decline from the 1.2860 resistance zone.
Important Takeaways for GBP/USD Analysis Today
- The British Pound is showing bearish signs below the 1.2800 support.
- There is a key bearish trend line forming with resistance near 1.2750 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 1.2860 pivot level. As a result, the British Pound started a fresh decline below 1.2820 against the US Dollar.
There was a clear move below 1.2800 and the 50-hour simple moving average. The bears pushed the pair below 1.2750. Finally, there was a spike below the 1.2680 support zone. A low was formed near 1.2673 and the pair is now consolidating losses.
There was a minor move above toward the 23.6% Fib retracement level of the downward move from the 1.2802 swing high to the 1.2673 low.
On the upside, the GBP/USD chart indicates that the pair is facing resistance near the 50-hour simple moving average at 1.2735 and the 50% Fib retracement level of the downward move from the 1.2802 swing high to the 1.2673 low.
The next major resistance is near a bearish trend line at 1.2750 on the same chart. A close above the 1.2750 resistance zone could open the doors for a move toward 1.2800. Any more gains might send GBP/USD toward 1.2840.
On the downside, there is a key support forming near 1.2680. If there is a downside break below the 1.2680 support, the pair could accelerate lower. The next major support is near the 1.2620 zone, below which the pair could test 1.2585. Any more losses could lead the pair toward the 1.2540 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 1.2860 resistance zone.
Important Takeaways for GBP/USD Analysis Today
- The British Pound is showing bearish signs below the 1.2800 support.
- There is a key bearish trend line forming with resistance near 1.2750 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 1.2860 pivot level. As a result, the British Pound started a fresh decline below 1.2820 against the US Dollar.
There was a clear move below 1.2800 and the 50-hour simple moving average. The bears pushed the pair below 1.2750. Finally, there was a spike below the 1.2680 support zone. A low was formed near 1.2673 and the pair is now consolidating losses.
There was a minor move above toward the 23.6% Fib retracement level of the downward move from the 1.2802 swing high to the 1.2673 low.
On the upside, the GBP/USD chart indicates that the pair is facing resistance near the 50-hour simple moving average at 1.2735 and the 50% Fib retracement level of the downward move from the 1.2802 swing high to the 1.2673 low.
The next major resistance is near a bearish trend line at 1.2750 on the same chart. A close above the 1.2750 resistance zone could open the doors for a move toward 1.2800. Any more gains might send GBP/USD toward 1.2840.
On the downside, there is a key support forming near 1.2680. If there is a downside break below the 1.2680 support, the pair could accelerate lower. The next major support is near the 1.2620 zone, below which the pair could test 1.2585. Any more losses could lead the pair toward the 1.2540 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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