HomeContributorsTechnical AnalysisGBP/USD Pair Is Facing A Major Bearish Trend Line With Resistance Near...

GBP/USD Pair Is Facing A Major Bearish Trend Line With Resistance Near 1.3240

The British Pound is finding bids near the 1.3180 zone against the US Dollar. The GBP/USD pair is recovering and trading above the 1.3200 resistance zone.

It even climbed slightly above the 1.3225 level and the 50 hourly simple moving average. The pair is now facing resistance near the 1.3240 zone and a major bearish trend line on the hourly chart.

If there is a clear break above the 1.3240 and 1.3250 resistance levels, the pair could climb higher towards 1.3280 on FXOpen. The next key resistance is near the 1.3320 level. Any more gains might push the pair towards the 1.3350 level.

An initial support on the downside is near the 1.3200 level. The main support is forming near the 1.3180 level. A break below the 1.3180 support level could even push the pair below the 1.3120 support.

FXOpen is a global Forex and CFD Broker, founded in 2005 by a group of traders. With over 16 years of experience, the company has gained an excellent reputation a major brokerage that continues to expand rapidly. The broker offers a choice of platforms, including the popular MT4 and MT5 platforms, with a wide range of trading instruments with spreads from 0.0 pips: 600+ FX, index, share, commodity and cryptocurrency CFDs. 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. CFDs are complex instruments and come with a high risk of losing your money. PAMM is only available in certain jurisdictions. Cryptocurrency CFDs are not available to Retail clients at FXOpen UK.

Featured Analysis

Learn Forex Trading