GBP/USD Consolidates
GBP/USD is attempting a recovery wave above the 1.2700 resistance.
Important Takeaways for GBP/USD Analysis Today
· The British Pound is attempting a fresh increase above 1.2700.
· There is a key contracting triangle forming with resistance near 1.2740 on the hourly chart of GBP/USD at FXOpen.
GBP/USD Technical Analysis
On the hourly chart of GBP/USD at FXOpen, the pair settled below the 1.2800 zone. As mentioned in the previous analysis, the British Pound turned red and extended losses below the 1.2700 pivot level against the US Dollar.
Finally, the pair tested the 1.2620 zone and recently started a recovery wave. There was a decent increase above the 1.2700 pivot level. The pair is now consolidating near the 50-hour simple moving average at 1.2740.
There is also a key contracting triangle forming with resistance near 1.2740. The triangle resistance coincides with the 50% Fib retracement level of the downward move from the 1.2787 swing high to the 1.2689 low.
On the upside, the GBP/USD chart indicates that the pair is facing resistance near 1.2740. The next major resistance is near the 76.4% Fib retracement level of the downward move from the 1.2787 swing high to the 1.2689 low at 1.2765.
A close above the 1.2765 resistance zone could open the doors for a move toward 1.2800. Any more gains might send GBP/USD toward 1.2880.
On the downside, there is a key support forming near 1.2700. If there is a downside break below 1.2700, the pair could accelerate lower. The next major support is near the 1.2665 zone, below which the pair could test 1.2620. Any more losses could lead the pair toward the 1.2550 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 attempting a fresh increase above 1.2700.
· There is a key contracting triangle forming with resistance near 1.2740 on the hourly chart of GBP/USD at FXOpen.
GBP/USD Technical Analysis
On the hourly chart of GBP/USD at FXOpen, the pair settled below the 1.2800 zone. As mentioned in the previous analysis, the British Pound turned red and extended losses below the 1.2700 pivot level against the US Dollar.
Finally, the pair tested the 1.2620 zone and recently started a recovery wave. There was a decent increase above the 1.2700 pivot level. The pair is now consolidating near the 50-hour simple moving average at 1.2740.
There is also a key contracting triangle forming with resistance near 1.2740. The triangle resistance coincides with the 50% Fib retracement level of the downward move from the 1.2787 swing high to the 1.2689 low.
On the upside, the GBP/USD chart indicates that the pair is facing resistance near 1.2740. The next major resistance is near the 76.4% Fib retracement level of the downward move from the 1.2787 swing high to the 1.2689 low at 1.2765.
A close above the 1.2765 resistance zone could open the doors for a move toward 1.2800. Any more gains might send GBP/USD toward 1.2880.
On the downside, there is a key support forming near 1.2700. If there is a downside break below 1.2700, the pair could accelerate lower. The next major support is near the 1.2665 zone, below which the pair could test 1.2620. Any more losses could lead the pair toward the 1.2550 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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