Sat, Mar 25, 2023 @ 20:15 GMT
HomeContributorsTechnical AnalysisGBP/USD Pair Started a Recovery Wave Above 1.2050

GBP/USD Pair Started a Recovery Wave Above 1.2050

The British Pound started a decent increase above the 1.2000 resistance zone against the US Dollar. The GBP/USD pair climbed above the 1.2050 level to start a recovery wave.

There was a close above the 1.2080 level and the 50 hourly simple moving average. It is now consolidating gains and trading near the 1.2110 zone. An immediate resistance is near the 1.2135 level.

The first major resistance is near the 1.2150 level. If there is a clear upside break above the 1.2150 resistance, the pair could rise steadily towards the 1.2200 level in the near term. The next major resistance sits near 1.2220 on FXOpen.

On the downside, the first major support is near the 1.2080 level. The main support is forming near the 1.2040 level and a connecting bullish trend line on the hourly chart. A break below the 1.2040 support could push the pair towards the 1.2000 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