Key Highlights
- GBP/USD failed to extend gains above 1.3620 and corrected lower.
- It traded below a bullish trend line with support at 1.3515 on the 4-hour chart.
- EUR/USD is still consolidating gains above the 1.1450 zone.
- WTI Crude Oil prices started a fresh increase above the $73.50 resistance.
GBP/USD Technical Analysis
The British Pound made a few attempts to surpass 1.3620 against the US Dollar but failed. GBP/USD started a downside correction below the 1.3550 level.
Looking at the 4-hour chart, the pair traded below a bullish trend line with support at 1.3515. The pair settled below the 1.3500 level and the 100 simple moving average (red, 4-hour). It tested the 1.3420 support and the 200 simple moving average (green, 4-hour).
It started a consolidation phase above the 1.3400 zone. On the upside, the pair could face resistance near the 1.3515 level and the 100 simple moving average (red, 4-hour).
The next key resistance sits near the 1.3540 level. The first major resistance sits at 1.3620. A close above the 1.3620 level could set the pace for another increase. In the stated case, the pair could even clear the 1.3700 resistance. The next major stop for the bulls could be near the 1.3800 resistance.
On the downside, immediate support is near the 1.3400 level. The next key support sits near 1.3340. Any more losses could send the pair toward the 1.3220 level. The main support could be near 1.3150.
Looking at WTI Crude Oil, the price found support near $70.00 and started a fresh increase above the $73.50 resistance.
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