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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

FXOpen
By FXOpen

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.

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