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HomeContributorsTechnical AnalysisGBP/USD Outlook: The Pair Surpassed 1.2965 And 1.2970 Resistance Levels

GBP/USD Outlook: The Pair Surpassed 1.2965 And 1.2970 Resistance Levels

FXOpen
By FXOpen

The British Pound started a decent upward move above the 1.2920 resistance area against the US Dollar. As a result, the GBP/USD pair surpassed the main 1.2965 and 1.2970 resistance levels.

Moreover, there was a close above the 1.2970 level and the 50 hourly simple moving average. The pair traded as high as 1.3010 and it is currently consolidating gains above the 1.2980 level on FXOpen.

The pair seems to be following a bullish trend line with support near 1.2995 on the hourly chart. If there is a downside break, the pair could correct lower towards the 1.2970 and 1.2965 support levels.

On the upside, the main resistance is near the 1.3000 and 1.3010 levels. A convincing close above 1.3000 could start another increase in GBP/USD and the pair might climb higher towards the 1.3040 in the near term.

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