GBP/USD Declines Heavily
GBP/USD started a fresh decline below the 1.2200 support zone.
Important Takeaways for GBP/USD
· The British Pound started a fresh decline from the 1.2150 resistance against the US Dollar.
· There is a major bearish trend line forming with resistance near 1.2000 on the hourly chart of GBP/USD.
GBP/USD Technical Analysis
The British Pound started a major decline from the 1.2150 resistance zone against the US Dollar. The GBP/USD pair gained pace below the 1.2050 level to move into a bearish zone.
There was a clear move below the 1.2000 level and the 50 hourly simple moving average. The bears even pumped the price below the 1.1950 level and a low is formed near 1.1928 on FXOpen. It is now consolidating losses and trading below the 1.2000 level.
GBP/USD Hourly Chart
On the upside, an initial resistance is near the 1.1985 level. It is near the 50% Fib retracement level of the downward move from the 1.2041 swing high to 1.1928 low.
The first major resistance is near the 1.2000 level. There is also a major bearish trend line forming with resistance near 1.2000 on the hourly chart of GBP/USD. The trend line is near the 61.8% Fib retracement level of the downward move from the 1.2041 swing high to 1.1928 low.
A clear move above the 1.2000 level could spark a decent increase. The next major resistance sits near the 1.2020 level. Any more gains might send the pair towards the 1.2100 resistance zone.
On the downside, an initial support is near the 1.1925 level. The next major support is near the 1.1880 level. Any more losses could lead the pair towards the 1.1800 support zone.
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 started a fresh decline from the 1.2150 resistance against the US Dollar.
· There is a major bearish trend line forming with resistance near 1.2000 on the hourly chart of GBP/USD.
GBP/USD Technical Analysis
The British Pound started a major decline from the 1.2150 resistance zone against the US Dollar. The GBP/USD pair gained pace below the 1.2050 level to move into a bearish zone.
There was a clear move below the 1.2000 level and the 50 hourly simple moving average. The bears even pumped the price below the 1.1950 level and a low is formed near 1.1928 on FXOpen. It is now consolidating losses and trading below the 1.2000 level.
GBP/USD Hourly Chart
On the upside, an initial resistance is near the 1.1985 level. It is near the 50% Fib retracement level of the downward move from the 1.2041 swing high to 1.1928 low.
The first major resistance is near the 1.2000 level. There is also a major bearish trend line forming with resistance near 1.2000 on the hourly chart of GBP/USD. The trend line is near the 61.8% Fib retracement level of the downward move from the 1.2041 swing high to 1.1928 low.
A clear move above the 1.2000 level could spark a decent increase. The next major resistance sits near the 1.2020 level. Any more gains might send the pair towards the 1.2100 resistance zone.
On the downside, an initial support is near the 1.1925 level. The next major support is near the 1.1880 level. Any more losses could lead the pair towards the 1.1800 support zone.
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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