Wed, Nov 27, 2024 @ 04:49 GMT
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HomeContributorsTechnical AnalysisGBP/USD Pair Started a Fresh Increase Above 1.2000

GBP/USD Pair Started a Fresh Increase Above 1.2000

FXOpen
By FXOpen

The British Pound started a fresh increase above the 1.2000 resistance against the US Dollar. The GBP/USD pair gained pace for a move above the 1.2050 level.

The pair even settled above the 1.2120 level and the 50 hourly simple moving average. The pair is now consolidating gains above the 1.2150 pivot level. An immediate resistance is near the 1.2200 level.

The first major resistance is near the 1.2220 level. If there is a clear upside break above the 1.2220 resistance, the pair could rise steadily towards the 1.2250 level in the near term. The next major resistance sits near 1.2320 on FXOpen.

On the downside, the first major support is near the 1.2150 level and a trend line on the hourly chart. The main support is forming near the 1.2120 level. A break below the 1.2120 support could push the pair towards the 1.2060 support.

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