Market Analysis: GBP/USD Rallies
Market Analysis: GBP/USD Rallies
GBP/USD started a fresh increase above the 1.3200 zone.
Important Takeaways for GBP/USD Analysis Today
- The British Pound is eyeing more gains above the 1.3300 resistance.
- There is a key expanding triangle forming with support near 1.3200 on the hourly chart of GBP/USD at FXOpen.
GBP/USD Technical Analysis
On the hourly chart of GBP/USD at FXOpen, the pair formed a base above the 1.3100 level. The British Pound started a steady increase above the 1.3200 resistance zone against the US Dollar, as discussed in the previous analysis.
The pair gained strength above the 1.3235 level. The bulls even pushed the pair above the 1.3300 level and the 50-hour simple moving average. The pair tested the 1.3315 zone and is currently consolidating gains.
There was a minor decline below the 1.3300 level. The pair tested the 23.6% Fib retracement level of the upward move from the 1.3153 swing low to the 1.3314 high.
The bulls are now active near the 1.3275 level. If there is another decline, the pair could find support near the 1.3235 level or the 50% Fib retracement level of the upward move from the 1.3153 swing low to the 1.3314 high.
The first major support sits near the 1.3200 zone. There is also a key expanding triangle forming with support near 1.3200. The next major support is 1.3150. If there is a break below 1.3150, the pair could extend the decline.
The next key support is near the 1.3115 level. Any more losses might call for a test of the 1.3075 support. Conversely, the bulls might aim for more gains. The RSI moved above the 60 level on the GBP/USD chart and the pair is now approaching a major hurdle at 1.3315.
An upside break above the 1.3315 zone could send the pair toward 1.3350. Any more gains might open the doors for a test of 1.3420.
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 fresh increase above the 1.3200 zone.
Important Takeaways for GBP/USD Analysis Today
- The British Pound is eyeing more gains above the 1.3300 resistance.
- There is a key expanding triangle forming with support near 1.3200 on the hourly chart of GBP/USD at FXOpen.
GBP/USD Technical Analysis
On the hourly chart of GBP/USD at FXOpen, the pair formed a base above the 1.3100 level. The British Pound started a steady increase above the 1.3200 resistance zone against the US Dollar, as discussed in the previous analysis.
The pair gained strength above the 1.3235 level. The bulls even pushed the pair above the 1.3300 level and the 50-hour simple moving average. The pair tested the 1.3315 zone and is currently consolidating gains.
There was a minor decline below the 1.3300 level. The pair tested the 23.6% Fib retracement level of the upward move from the 1.3153 swing low to the 1.3314 high.
The bulls are now active near the 1.3275 level. If there is another decline, the pair could find support near the 1.3235 level or the 50% Fib retracement level of the upward move from the 1.3153 swing low to the 1.3314 high.
The first major support sits near the 1.3200 zone. There is also a key expanding triangle forming with support near 1.3200. The next major support is 1.3150. If there is a break below 1.3150, the pair could extend the decline.
The next key support is near the 1.3115 level. Any more losses might call for a test of the 1.3075 support. Conversely, the bulls might aim for more gains. The RSI moved above the 60 level on the GBP/USD chart and the pair is now approaching a major hurdle at 1.3315.
An upside break above the 1.3315 zone could send the pair toward 1.3350. Any more gains might open the doors for a test of 1.3420.
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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