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HomeContributorsTechnical AnalysisGBP/USD Technical Analysis: The Pair Is Currently Consolidating In A Range

GBP/USD Technical Analysis: The Pair Is Currently Consolidating In A Range

FXOpen
By FXOpen

The British Pound declined recently from the 1.3200 resistance area against the US Dollar. However, the GBP/USD pair found support near the 1.3100 area and it is currently consolidating in a range.

It is trading near the 1.3130 resistance area and the 50 hourly simple moving average. It seems like the pair is struggling to climb above the 38.2% Fib retracement level of the recent decline from the 1.3211 high to 1.3095 low on FXOpen.

If there is a clear break above the 1.3140 resistance area, the pair is likely to climb back towards the main 1.3200 resistance area.

Conversely, GBP/USD might retest the 1.3100 support area. An immediate support is near 1.3110 and a bullish trend line on the hourly chart. If there is a downside break below 1.3100, the pair could dive in the short term.

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