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HomeContributorsTechnical AnalysisGBP/USD Pair Started A Fresh Increase From The 1.3200 Zone

GBP/USD Pair Started A Fresh Increase From The 1.3200 Zone

FXOpen
By FXOpen

The British Pound found support near the 1.3200 zone and started a fresh increase against the US Dollar. The GBP/USD pair broke the 1.3260 and 1.3300 resistance levels to move into a positive zone.

The pair even broke a connecting bearish trend line at 1.3400 on the hourly chart. It is now trading above the 1.3400 level and the 50 hourly simple moving average. An initial resistance on the upside is near the 1.3425 level on FXOpen.

The next key resistance is near the 1.3470 level, above which the pair is likely to accelerate higher towards the 1.3500 resistance level in the near term.

If there is a fresh decline, the broken trend line and the 50 hourly simple moving average could provide support. Any more downsides may possibly lead the pair towards the 1.3300 support level.

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