Market Analysis: GBP/USD Dips Further
GBP/USD started a downside correction from the 1.3620 zone.
Important Takeaways for GBP/USD Analysis Today
- The British Pound started a fresh decline and settled below the 1.3500 zone.
- There is a connecting bullish trend line forming with support at 1.3415 on the hourly chart of GBP/USD at FXOpen.
GBP/USD Technical Analysis
On the hourly chart of GBP/USD at FXOpen, the pair struggled above the 1.3600 zone. The British Pound started a fresh decline below the 1.3550 pivot level against the US Dollar, as discussed in the previous analysis.
The pair dipped below the 1.3500 and 1.3450 levels. A low was formed at 1.3364 and the pair is now consolidating losses. On the upside, it is facing resistance near the 1.3475 level. The next key resistance is near 1.3490 and the 50% Fib retracement level of the downward move from the 1.3619 swing high to the 1.3364 low.
An upside break above the 1.3490 zone could send the pair toward 1.3520 and the 61.8% Fib retracement level.
More gains might open the doors for a test of 1.3620. If there is another decline, the pair could find support near the 1.3415 level and a connecting bullish trend line. The first major support sits near the 1.3365 zone.
The next major support is 1.3350. If there is a break below 1.3350, the pair could extend the decline. The next key support is near the 1.3320 level. Any more losses might call for a test of 1.3250.
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 started a downside correction from the 1.3620 zone.
Important Takeaways for GBP/USD Analysis Today
- The British Pound started a fresh decline and settled below the 1.3500 zone.
- There is a connecting bullish trend line forming with support at 1.3415 on the hourly chart of GBP/USD at FXOpen.
GBP/USD Technical Analysis
On the hourly chart of GBP/USD at FXOpen, the pair struggled above the 1.3600 zone. The British Pound started a fresh decline below the 1.3550 pivot level against the US Dollar, as discussed in the previous analysis.
The pair dipped below the 1.3500 and 1.3450 levels. A low was formed at 1.3364 and the pair is now consolidating losses. On the upside, it is facing resistance near the 1.3475 level. The next key resistance is near 1.3490 and the 50% Fib retracement level of the downward move from the 1.3619 swing high to the 1.3364 low.
An upside break above the 1.3490 zone could send the pair toward 1.3520 and the 61.8% Fib retracement level.
More gains might open the doors for a test of 1.3620. If there is another decline, the pair could find support near the 1.3415 level and a connecting bullish trend line. The first major support sits near the 1.3365 zone.
The next major support is 1.3350. If there is a break below 1.3350, the pair could extend the decline. The next key support is near the 1.3320 level. Any more losses might call for a test of 1.3250.
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.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.