Mon, Apr 29, 2024 @ 13:53 GMT
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HomeContributorsTechnical AnalysisGBP/USD Pair Correcting Higher from $1.3050 Low

GBP/USD Pair Correcting Higher from $1.3050 Low

FXOpen
By FXOpen

The British Pound started a fresh decline from the 1.3085 resistance against the US Dollar. The GBP/USD pair traded below the 1.3050 support zone, but the bulls appeared near 1.2980.

A low was formed near 1.2980 and the pair is now correcting higher. It traded above the 1.3020 level and the 50 hourly simple moving average. Besides, there was a move above a bearish trend line at 1.3030 on the hourly chart.

The pair is now facing resistance near the 1.3045 level. If there is a clear upside break above the 1.3045 resistance, the pair could rise steadily towards the 1.3075 level in the near term. The next major resistance sits near 1.3085 on FXOpen.

On the downside, an initial support is near the 1.3015 level. The main support is forming near the 1.3000 level. A break below the 1.3000 support could even push the pair below the 1.2980 support.

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