Tue, May 30, 2023 @ 07:51 GMT
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GBP/USD Technical Analysis

On the hourly chart of GBP/USD at FXOpen, the pair started a fresh decline from the 1.2660 zone. The British Pound declined steadily below the 1.2600 level against the US Dollar.

It tested the 1.2445 support and recently started an upside correction. The pair is now facing resistance near a key bearish trend line at 1.2500 and the 50-hour simple moving average.

If there is a clear upside break above the 1.2500 resistance, the pair could rise toward the 1.2540 level in the near term. The next major resistance sits near the 1.2600 level.

On the downside, the first major support is near the 1.2485 level. The main support is forming near the 1.2445 level. A break below the 1.2445 support could start a fresh downward move toward the 1.2350 support in the coming sessions.

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