GBP/USD Corrects Gains
GBP/USD faced resistance near 1.2540 and started a downside correction.
· The British Pound started a downside correction below the 1.2500 zone.
· There was a break below a key bullish trend line with support at 1.2455 on the hourly chart of GBP/USD at FXOpen.
GBP/USD Technical Analysis
On the hourly chart of GBP/USD at FXOpen, the pair was able to climb above the 1.2455 resistance zone. However, the bears were active near the 1.2540 zone.
As a result, the pair started a downside correction below a key bullish trend line with support at 1.2455. Finally, it spiked below the 1.2400 support. A low is formed near 1.2383 and the pair is now consolidating losses.
Immediate resistance is forming near the 23.6% Fib retracement level of the downward move from the 1.2545 swing high to the 1.2383 low at 1.2425.
The next resistance is near 1.2455 (the recent breakdown zone). With an upside break above the 1.2455 zone, the pair could rise toward the 50-hour simple moving average at 1.2485. It coincides with the 61.8% Fib retracement level of the downward move from the 1.2545 swing high to the 1.2383 low.
An upside break above the 1.2485 resistance might send the pair toward 1.2540. Any more gains might open the doors for a test of 1.2600.
On the downside, initial support is near the 1.2400 area. The next major support is near the 1.2345 level. If there is a break below 1.2345, the pair could extend its decline. The next key support is near the 1.2300 level. Any more losses might call for a test of the 1.2250 support.
This forecast represents FXOpen Companies’ opinion only, it should not be construed as an offer, invitation, or recommendation with respect to FXOpen Companies’ products and services or as financial advice.
· The British Pound started a downside correction below the 1.2500 zone.
· There was a break below a key bullish trend line with support at 1.2455 on the hourly chart of GBP/USD at FXOpen.
GBP/USD Technical Analysis
On the hourly chart of GBP/USD at FXOpen, the pair was able to climb above the 1.2455 resistance zone. However, the bears were active near the 1.2540 zone.
As a result, the pair started a downside correction below a key bullish trend line with support at 1.2455. Finally, it spiked below the 1.2400 support. A low is formed near 1.2383 and the pair is now consolidating losses.
Immediate resistance is forming near the 23.6% Fib retracement level of the downward move from the 1.2545 swing high to the 1.2383 low at 1.2425.
The next resistance is near 1.2455 (the recent breakdown zone). With an upside break above the 1.2455 zone, the pair could rise toward the 50-hour simple moving average at 1.2485. It coincides with the 61.8% Fib retracement level of the downward move from the 1.2545 swing high to the 1.2383 low.
An upside break above the 1.2485 resistance might send the pair toward 1.2540. Any more gains might open the doors for a test of 1.2600.
On the downside, initial support is near the 1.2400 area. The next major support is near the 1.2345 level. If there is a break below 1.2345, the pair could extend its decline. The next key support is near the 1.2300 level. Any more losses might call for a test of the 1.2250 support.
This forecast represents FXOpen Companies’ opinion only, it should not be construed as an offer, invitation, or recommendation with respect to FXOpen Companies’ products and services or as financial advice.
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