Mon, Jun 05, 2023 @ 07:41 GMT
HomeContributorsTechnical AnalysisGBP/USD Pair is Now Consolidating Losses from 1.0940

GBP/USD Pair is Now Consolidating Losses from 1.0940

The British Pound started a fresh decline from the 1.1180 resistance zone against the US Dollar. The GBP/USD pair declined below the 1.1050 support to move into a bearish zone.

There was a close below the 1.1100 level and the 50 hourly simple moving average. It even spiked below the 1.0960 support level. The pair is now consolidating losses, with an immediate support near the 1.0940 level.

The first major support is near 1.0920 on FXOpen. The main support is forming near the 1.0880 level. A break below the 1.0880 support could even push the pair below the 1.0850 support.

On the upside, the first major resistance sits near the 1.1100 zone. If there is a clear upside break above the 1.1100 resistance, the pair could rise steadily towards the 1.1150 level in the near term.

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