Tue, Nov 26, 2024 @ 15:20 GMT
Facebook Mail RSS Twitter
HomeContributorsTechnical AnalysisGBP/USD Pair Started a Fresh Decline from $1.2500

GBP/USD Pair Started a Fresh Decline from $1.2500

FXOpen
By FXOpen

The British Pound started a fresh decline from the 1.2500 resistance against the US Dollar. The GBP/USD pair traded below the 1.2320 support zone, but the bulls appeared near 1.2295 on FXOpen.

A low was formed near 1.2292 and the pair is now correcting higher. It traded above the 1.2320 level and the 50 hourly simple moving average. Besides, there was a move above a bearish trend line at 1.2325 on the hourly chart.

The pair is now facing resistance 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, an initial support is near the 1.2320 level. The main support is forming near the 1.2300 level. A break below the 1.2300 support could even push the pair below the 1.2280 support.

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.