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HomeContributorsTechnical AnalysisGBP/USD Pair is Now Consolidating Gains from 1.2349

GBP/USD Pair is Now Consolidating Gains from 1.2349

FXOpen
By FXOpen

The British Pound started a fresh increase from the 1.2200 zone against the US Dollar. The GBP/USD pair gained pace for a move above the 1.2250 level.

The pair even 1.2300 resistance zone and settled above the 50 hourly simple moving average. A high is formed near 1.2349 and the pair is now consolidating gains. An immediate resistance is near the 1.2340 level.

The first major resistance is near the 1.2350 level. If there is a clear upside break above the 1.2350 resistance, the pair could rise steadily towards the 1.2400 level in the near term. The next major resistance sits near the 1.2450 level.

On the downside, the first major support is near the 1.2320 level. The main support is forming near 1.2295 on FXOpen. A break below the 1.2295 support could push the pair towards the 1.2250 support.

FXOpen
FXOpenhttps://www.fxopen.com/
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