GBP/USD Struggles Below 1.2500
GBP/USD is struggling to clear the 1.2500 resistance zone.
Important Takeaways for GBP/USD Analysis Today
· The British Pound is trading in a bearish zone below 1.2500 against the US Dollar.
· There was a break above a key bearish trend line with resistance near 1.2445 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 decline from well above 1.2520. The British Pound traded below the 1.2500 support zone against the US Dollar.
The pair tested the 1.2390 support zone. A low was formed near 1.2391 and recently the pair started a fresh increase. There was a decent move above the 50-hour simple moving average at 1.2445. More importantly, there was a break above a key bearish trend line with resistance near 1.2445.
Finally, it spiked above the 61.8% Fib retracement level of the downward move from the 1.2510 swing high to the 1.2391 low. The GBP/USD chart indicates that the pair is facing resistance near the 1.2475 level.
The 76.4% Fib retracement level of the downward move from the 1.2510 swing high to the 1.2391 low is also near 1.2445. The next major resistance is near the 1.2500 level. A clear move above the 1.2500 level could spark a rally toward the 1.2540 level considering the RSI is above 50.
On the downside, there is a major support forming near the 1.2445 level. If there is a downside break below the 1.2445 support, the pair could accelerate lower.
The next major support is near the 1.2390 level, below which the pair could test 1.2350. In the stated case, GBP/USD may perhaps revisit the 1.2320 support. Any more losses could lead the pair toward the 1.2250 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 is trading in a bearish zone below 1.2500 against the US Dollar.
· There was a break above a key bearish trend line with resistance near 1.2445 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 decline from well above 1.2520. The British Pound traded below the 1.2500 support zone against the US Dollar.
The pair tested the 1.2390 support zone. A low was formed near 1.2391 and recently the pair started a fresh increase. There was a decent move above the 50-hour simple moving average at 1.2445. More importantly, there was a break above a key bearish trend line with resistance near 1.2445.
Finally, it spiked above the 61.8% Fib retracement level of the downward move from the 1.2510 swing high to the 1.2391 low. The GBP/USD chart indicates that the pair is facing resistance near the 1.2475 level.
The 76.4% Fib retracement level of the downward move from the 1.2510 swing high to the 1.2391 low is also near 1.2445. The next major resistance is near the 1.2500 level. A clear move above the 1.2500 level could spark a rally toward the 1.2540 level considering the RSI is above 50.
On the downside, there is a major support forming near the 1.2445 level. If there is a downside break below the 1.2445 support, the pair could accelerate lower.
The next major support is near the 1.2390 level, below which the pair could test 1.2350. In the stated case, GBP/USD may perhaps revisit the 1.2320 support. Any more losses could lead the pair toward the 1.2250 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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