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HomeContributorsTechnical AnalysisGBP/USD Started a Downside Correction Below the 1.2250 Level

GBP/USD Started a Downside Correction Below the 1.2250 Level

FXOpen
By FXOpen

The British Pound started a decent recovery wave above the 1.2200 zone against the US Dollar. The GBP/USD pair climbed above the 1.2250 resistance but faced sellers near 1.2290 on FXOpen.

The pair started a downside correction below the 1.2250 level and the 50 hourly simple moving average. It even tested the 1.2135 level and is currently consolidating losses. An immediate resistance is near the 1.2190 level.

The first major resistance sits near the 1.2200 zone and a connecting bearish trend line. If there is a clear upside break above the 1.2200 resistance, the pair could rise steadily towards the 1.2250 level in the near term.

On the downside, an initial support is near the 1.2150 level. The main support is forming near the 1.2135 level. A break below the 1.2135 support could even push the pair below the 1.2100 support.

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