GBP/USD Aims More Upsides
GBP/USD climbed higher above the 1.2200 resistance zone.
Important Takeaways for GBP/USD
· The British Pound is moving higher above 1.2300 against the US Dollar.
· There was a break above a major bearish trend line with resistance near 1.2180 on the daily chart of GBP/USD.
GBP/USD Technical Analysis
This past week, the British Pound formed a base above the 1.1800 zone against the US Dollar. The GBP/USD pair started a steady increase above the 1.2000 resistance zone.
There was a clear move above the 1.2120 resistance zone and the 50-day simple moving average. The pair even climbed above the 1.2200 resistance. There was a was a break above a major bearish trend line with resistance near 1.2180 on the daily chart of GBP/USD.
GBP/USD Daily Chart
The pair even broke the 1.2350 level. A high is formed near 1.2420 on FXOpen and the pair is now consolidating gains.
An immediate support is near the 1.2180. It is near the 38.2% Fib retracement level of the upward move from the 1.1802 swing low to 1.2418 high. The next major support is near the 1.2120 and 1.2100 levels.
The 50% Fib retracement level of the upward move from the 1.1802 swing low to 1.2418 high is also near the 1.2100 zone. If there is a break below the 1.2100 support, the pair could test the 1.2000 support.
Any more losses might send GBP/USD towards 1.1920. An immediate resistance on the upside is near the 1.2440 level. The next major resistance is near the 1.2500 level, above which the pair could start a steady increase towards 1.2750.
An upside break above 1.2750 might start a fresh increase towards 1.2800. Any more gains might call for a move towards 1.2880 or even 1.2950.
Disclaimer: This Forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as Financial Advice.
Important Takeaways for GBP/USD
· The British Pound is moving higher above 1.2300 against the US Dollar.
· There was a break above a major bearish trend line with resistance near 1.2180 on the daily chart of GBP/USD.
GBP/USD Technical Analysis
This past week, the British Pound formed a base above the 1.1800 zone against the US Dollar. The GBP/USD pair started a steady increase above the 1.2000 resistance zone.
There was a clear move above the 1.2120 resistance zone and the 50-day simple moving average. The pair even climbed above the 1.2200 resistance. There was a was a break above a major bearish trend line with resistance near 1.2180 on the daily chart of GBP/USD.
GBP/USD Daily Chart
The pair even broke the 1.2350 level. A high is formed near 1.2420 on FXOpen and the pair is now consolidating gains.
An immediate support is near the 1.2180. It is near the 38.2% Fib retracement level of the upward move from the 1.1802 swing low to 1.2418 high. The next major support is near the 1.2120 and 1.2100 levels.
The 50% Fib retracement level of the upward move from the 1.1802 swing low to 1.2418 high is also near the 1.2100 zone. If there is a break below the 1.2100 support, the pair could test the 1.2000 support.
Any more losses might send GBP/USD towards 1.1920. An immediate resistance on the upside is near the 1.2440 level. The next major resistance is near the 1.2500 level, above which the pair could start a steady increase towards 1.2750.
An upside break above 1.2750 might start a fresh increase towards 1.2800. Any more gains might call for a move towards 1.2880 or even 1.2950.
Disclaimer: This Forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as Financial Advice.
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