GBP/USD is struggling to gain pace above the 1.2800 resistance.
Important Takeaways for GBP/USD Analysis Today
· The British Pound is attempting a fresh increase above 1.2680.
· There was a break above a key bearish trend line with resistance near 1.2725 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 1.2880 zone. As mentioned in the previous analysis, the British Pound extended losses below the 1.2800 pivot level against the US Dollar.
The pair even tested the 1.2620 support zone. A low was formed near 1.2620 and the pair is now attempting a fresh increase. There was a move above the 1.2680 resistance zone. Besides, there was a break above a key bearish trend line with resistance near 1.2725.
However, the pair struggled to clear the 1.2800 resistance zone. A high is formed near 1.2792 and the pair is now correcting gains. It is trading near the 50-hour simple moving average at 1.2725 and approaching the 50% Fib retracement level of the upward move from the 1.2620 swing low to the 1.2792 high.
On the downside, there is a key support forming near 1.2680. It is close to the 61.8% Fib retracement level of the upward move from the 1.2620 swing low to the 1.2792 high.
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 1.2550. Any more losses could lead the pair toward the 1.2500 support.
On the upside, the GBP/USD chart indicates that the pair is facing resistance near 1.2750. The next major resistance is near the 1.2800 zone. A close above the 1.2800 resistance zone could open the doors for a move toward 1.2880.
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 attempting a fresh increase above 1.2680.
· There was a break above a key bearish trend line with resistance near 1.2725 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 1.2880 zone. As mentioned in the previous analysis, the British Pound extended losses below the 1.2800 pivot level against the US Dollar.
The pair even tested the 1.2620 support zone. A low was formed near 1.2620 and the pair is now attempting a fresh increase. There was a move above the 1.2680 resistance zone. Besides, there was a break above a key bearish trend line with resistance near 1.2725.
However, the pair struggled to clear the 1.2800 resistance zone. A high is formed near 1.2792 and the pair is now correcting gains. It is trading near the 50-hour simple moving average at 1.2725 and approaching the 50% Fib retracement level of the upward move from the 1.2620 swing low to the 1.2792 high.
On the downside, there is a key support forming near 1.2680. It is close to the 61.8% Fib retracement level of the upward move from the 1.2620 swing low to the 1.2792 high.
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 1.2550. Any more losses could lead the pair toward the 1.2500 support.
On the upside, the GBP/USD chart indicates that the pair is facing resistance near 1.2750. The next major resistance is near the 1.2800 zone. A close above the 1.2800 resistance zone could open the doors for a move toward 1.2880.
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.