GBP/USD retested the 1.2450 support and is now correcting losses.
Important Takeaways for GBP/USD Analysis Today
. The British Pound is eyeing a fresh increase above the 1.2580 resistance.
· There is a key bearish trend line forming with resistance near 1.2550 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 resistance zone. The British Pound traded below the 1.2550 support to enter a bearish zone against the US Dollar, as discussed in the previous analysis.
Finally, the bulls appeared near the 1.2450 zone. The pair is now attempting a recovery wave above the 50-hour simple moving average and 1.2480. There was a break above the 23.6% Fib retracement level of the downward move from the 1.2642 swing high to the 1.2447 low.
The RSI moved above the 50 level on the GBP/USD chart and the pair is now showing a few positive signs. Immediate resistance is forming near a key bearish trend line at 1.2550 and the 50% Fib retracement level of the downward move from the 1.2642 swing high to the 1.2447 low.
The next resistance is near 1.2580. An upside break above the 1.2580 zone could send the pair toward 1.2655. Any more gains might open the doors for a test of 1.2700.
On the downside, initial support is near the 1.2480 area. The next major support is 1.2450. If there is a break below 1.2450, the pair could extend its decline. The next key support is near the 1.2400 level. Any more losses might call for a test of the 1.2345 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 eyeing a fresh increase above the 1.2580 resistance.
· There is a key bearish trend line forming with resistance near 1.2550 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 resistance zone. The British Pound traded below the 1.2550 support to enter a bearish zone against the US Dollar, as discussed in the previous analysis.
Finally, the bulls appeared near the 1.2450 zone. The pair is now attempting a recovery wave above the 50-hour simple moving average and 1.2480. There was a break above the 23.6% Fib retracement level of the downward move from the 1.2642 swing high to the 1.2447 low.
The RSI moved above the 50 level on the GBP/USD chart and the pair is now showing a few positive signs. Immediate resistance is forming near a key bearish trend line at 1.2550 and the 50% Fib retracement level of the downward move from the 1.2642 swing high to the 1.2447 low.
The next resistance is near 1.2580. An upside break above the 1.2580 zone could send the pair toward 1.2655. Any more gains might open the doors for a test of 1.2700.
On the downside, initial support is near the 1.2480 area. The next major support is 1.2450. If there is a break below 1.2450, the pair could extend its decline. The next key support is near the 1.2400 level. Any more losses might call for a test of the 1.2345 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.