Sat, Feb 04, 2023 @ 08:12 GMT
HomeContributorsTechnical AnalysisGBP/USD Pair Now Consolidating Near 1.2280

GBP/USD Pair Now Consolidating Near 1.2280

The British Pound started a fresh increase above the 1.2220 resistance zone against the US Dollar. The GBP/USD pair climbed above the 1.2250 resistance zone to move into a positive zone.

The pair even settled above the 1.2250 level and the 50 hourly simple moving average. It is now consolidating near the 1.2280 level, with an immediate resistance at 1.2290.

The first major resistance is near the 1.2300 level. If there is a clear upside break above the 1.2300 resistance, the pair could rise steadily towards the 1.2350 level in the near term. The next major resistance sits near 1.2420 on FXOpen.

On the downside, the first major support is near the 1.2265 level. The main support is forming near the 1.2250 level. A break below the 1.2250 support could push the pair towards the 1.2200 support.

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