GBP/USD Consolidates Gains
GBP/USD is showing positive signs above the 1.2540 resistance.
Important Takeaways for GBP/USD Analysis Today
· The British Pound started a strong increase above the 1.2440 resistance zone.
· There is a key bullish trend line forming with support near 1.2540 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 major increase from the 1.2370 zone. The British Pound climbed above the 1.2440 resistance against the US Dollar.
The upward move gained pace above the 1.2500 resistance and the 50-hour simple moving average. Finally, it broke the 1.2540 resistance and traded toward 1.2600. A high is formed near 1.2590 and the pair is now consolidating gains.
Initial support sits near a key bullish trend line at 1.2540 and the 50-hour simple moving average. It is close to the 23.6% Fib retracement level of the upward move from the 1.2395 swing low to the 1.2590 high.
The next major support sits at 1.2500 or the 50% Fib retracement level of the upward move from the 1.2395 swing low to the 1.2590 high, where the bulls might take a stand. If there is a downside break, GBP/USD might test the 1.2440 support.
Immediate resistance is near the 1.2590 level. The first major resistance on the GBP/USD chart is near the 1.2600 level. The next major resistance is near the 1.2620 level. Any more gains could lead the pair toward the 1.2650 resistance in the near term.
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 strong increase above the 1.2440 resistance zone.
· There is a key bullish trend line forming with support near 1.2540 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 major increase from the 1.2370 zone. The British Pound climbed above the 1.2440 resistance against the US Dollar.
The upward move gained pace above the 1.2500 resistance and the 50-hour simple moving average. Finally, it broke the 1.2540 resistance and traded toward 1.2600. A high is formed near 1.2590 and the pair is now consolidating gains.
Initial support sits near a key bullish trend line at 1.2540 and the 50-hour simple moving average. It is close to the 23.6% Fib retracement level of the upward move from the 1.2395 swing low to the 1.2590 high.
The next major support sits at 1.2500 or the 50% Fib retracement level of the upward move from the 1.2395 swing low to the 1.2590 high, where the bulls might take a stand. If there is a downside break, GBP/USD might test the 1.2440 support.
Immediate resistance is near the 1.2590 level. The first major resistance on the GBP/USD chart is near the 1.2600 level. The next major resistance is near the 1.2620 level. Any more gains could lead the pair toward the 1.2650 resistance in the near term.
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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