Market Analysis: GBP/USD Rallies
GBP/USD is gaining pace above the 1.2575 resistance.
Important Takeaways for GBP/USD Analysis Today
· The British Pound is attempting a fresh increase above 1.2600.
· There is a key bullish trend line forming with support near 1.2575 on the hourly chart of GBP/USD at FXOpen.
GBP/USD Technical Analysis
On the hourly chart of GBP/USD at FXOpen, the pair remained well-bid above the 1.2450 level. As mentioned in the previous analysis, the British Pound started a decent increase above the 1.2500 zone against the US Dollar.
The bulls were able to push the pair above the 50-hour simple moving average and 1.2530. The pair even climbed above 1.2575 and traded as high as 1.2615. It is now consolidating gains above the 23.6% Fib retracement level of the upward move from the 1.2449 swing low to the 1.2615 high.
On the upside, the GBP/USD chart indicates that the pair is facing resistance near 1.2615. The next major resistance is near 1.2640.
A close above the 1.2640 resistance zone could open the doors for a move toward 1.2700. Any more gains might send GBP/USD toward 1.2740.
On the downside, there is a key support forming near a bullish trend line at 1.2575. If there is a downside break below 1.2575, the pair could accelerate lower. The next major support is near the 50% Fib retracement level of the upward move from the 1.2449 swing low to the 1.2615 high at 1.2530.
The next key support is seen near 1.2510, below which the pair could test 1.2450. Any more losses could lead the pair toward the 1.2370 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 1.2600.
· There is a key bullish trend line forming with support near 1.2575 on the hourly chart of GBP/USD at FXOpen.
GBP/USD Technical Analysis
On the hourly chart of GBP/USD at FXOpen, the pair remained well-bid above the 1.2450 level. As mentioned in the previous analysis, the British Pound started a decent increase above the 1.2500 zone against the US Dollar.
The bulls were able to push the pair above the 50-hour simple moving average and 1.2530. The pair even climbed above 1.2575 and traded as high as 1.2615. It is now consolidating gains above the 23.6% Fib retracement level of the upward move from the 1.2449 swing low to the 1.2615 high.
On the upside, the GBP/USD chart indicates that the pair is facing resistance near 1.2615. The next major resistance is near 1.2640.
A close above the 1.2640 resistance zone could open the doors for a move toward 1.2700. Any more gains might send GBP/USD toward 1.2740.
On the downside, there is a key support forming near a bullish trend line at 1.2575. If there is a downside break below 1.2575, the pair could accelerate lower. The next major support is near the 50% Fib retracement level of the upward move from the 1.2449 swing low to the 1.2615 high at 1.2530.
The next key support is seen near 1.2510, below which the pair could test 1.2450. Any more losses could lead the pair toward the 1.2370 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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