Sat, Dec 04, 2021 @ 15:56 GMT
HomeContributorsTechnical AnalysisGBP/USD Pair Is Correcting Lower From The 1.3838 High

GBP/USD Pair Is Correcting Lower From The 1.3838 High

The British Pound started a fresh increase from the 1.3500 zone against the US Dollar. The GBP/USD pair broke the 1.3600 resistance level to move into a positive zone.

The pair even cleared the 1.3750 resistance and the 50 hourly simple moving average. The pair traded as high as 1.3838 and it is now correcting lower. An initial support on the downside is near the 1.3780 level.

The main support is forming near the 1.3720 level. There is also a major bullish trend line forming with support at 1.3720 on the hourly chart. A break below the 1.3720 support level could even push the pair below the 1.3650 support.

An initial resistance on the upside is near the 1.3820 on FXOpen. The main resistance is now forming near the 1.3840 level. If there is a clear break above the 1.3820 and 1.384 resistance levels, the pair could climb higher towards 1.3900 or even 1.3920.

FXOpenhttps://www.fxopen.com/
FXOpen is a Forex and Cryptocurrency Broker, founded in 2005 by a group of traders. With over a decade of experience, the company has gained an excellent reputation a major Forex brokerage company that continues to expand rapidly. The broker offers MT4 and MT5 Forex trading with a wide range of trading instruments: 100+ FX, CFDs, Indices and Cryptocurrency pairs. FXOpen also provides its own PAMM technology allowing clients to benefit from the strategies of experienced traders with a proven track record of successful trading and guarantees automatic distribution of profit and loss between the strategy provider and the strategy followers.

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