Mon, Nov 25, 2024 @ 14:58 GMT
Facebook Mail RSS Twitter
HomeContributorsTechnical AnalysisGBP/USD Outlook: The Pair Might Continue To Move Down Towards 1.2520 And...

GBP/USD Outlook: The Pair Might Continue To Move Down Towards 1.2520 And 1.2500

FXOpen
By FXOpen

The British Pound remained well above the 1.2450 level and climbed higher above 1.2550 against the US Dollar. The GBP/USD pair even broke the 1.2600 level, but it struggled to continue higher.

The pair traded as high as 1.2687 on FXOpen and it is currently declining. There was a break below a connecting bullish trend line with support at 1.2578 on the hourly chart. Besides, the pair broke the 1.2560 support and the 50 hourly simple moving average.

It is currently testing the 61.8% Fib retracement level of the upward move from the 1.2454 low to 1.2678 high. It seems like the pair might continue to move down towards the 1.2520 and 1.2500 support levels.

If the bears remain in action, GBP/USD might even revisit 1.2450. Conversely, the pair could break the 1.2600 resistance zone and the 50 hourly SMA to start a fresh increase towards 1.2700.

FXOpen
FXOpenhttps://www.fxopen.com/
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

Load more

Learn Forex Trading

ActionForex.com was set up back in 2004 with the aim to provide insightful analysis to forex traders, serving the trading community for over a decade. Empowering the individual traders was, is, and will always be our motto going forward.

Contact us: contact@actionforex.com

© ActionForex.com © 2024 All rights reserved.