GBP/USD Daily Chart Outlook
GBP/USD is attempting a recovery wave from 1.2300.
Important Takeaways for GBP/USD Analysis Today
GBP/USD Technical Analysis
On the daily chart of GBP/USD at FXOpen, the pair started a fresh decline from the 1.2900 zone. The British Pound traded below the 1.2600 support to move into a bearish zone against the US Dollar.
The pair even traded below 1.2400 and the 50-day simple moving average. Finally, the bulls appeared near the 1.2300 level. A low was formed near 1.2299 and the pair is now attempting a recovery wave. There was a fresh upside above the 1.2400 level.
The pair climbed above the 23.6% Fib retracement level of the downward move from the 1.2893 swing high to the 1.22299 low. Immediate resistance on the upside is near a key bearish trend line at 1.2520.
The first major resistance on the GBP/USD chart is near the 1.2600 level or the 50-day simple moving average. A close above the 1.2600 resistance might spark a decent upward wave. The next major resistance is near the 1.2750 level. Any more gains could lead the pair toward the 1.2900 resistance in the medium term.
Initial support sits near 1.2400. The next major support sits at 1.2300, below which there is a risk of another sharp decline. In the stated case, the pair could drop toward 1.2120.
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 is attempting a recovery wave from 1.2300.
Important Takeaways for GBP/USD Analysis Today
- The British Pound started a recovery wave above the 1.2400 resistance.
- There is a key bearish trend line forming with resistance near 1.2520 on the daily chart of GBP/USD at FXOpen.
GBP/USD Technical Analysis
On the daily chart of GBP/USD at FXOpen, the pair started a fresh decline from the 1.2900 zone. The British Pound traded below the 1.2600 support to move into a bearish zone against the US Dollar.
The pair even traded below 1.2400 and the 50-day simple moving average. Finally, the bulls appeared near the 1.2300 level. A low was formed near 1.2299 and the pair is now attempting a recovery wave. There was a fresh upside above the 1.2400 level.
The pair climbed above the 23.6% Fib retracement level of the downward move from the 1.2893 swing high to the 1.22299 low. Immediate resistance on the upside is near a key bearish trend line at 1.2520.
The first major resistance on the GBP/USD chart is near the 1.2600 level or the 50-day simple moving average. A close above the 1.2600 resistance might spark a decent upward wave. The next major resistance is near the 1.2750 level. Any more gains could lead the pair toward the 1.2900 resistance in the medium term.
Initial support sits near 1.2400. The next major support sits at 1.2300, below which there is a risk of another sharp decline. In the stated case, the pair could drop toward 1.2120.
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.