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HomeContributorsTechnical AnalysisGBP/USD Outlook: The Pair Might Continue To Move Down Towards 1.2520 And...

GBP/USD Outlook: The Pair Might Continue To Move Down Towards 1.2520 And 1.2500

FXOpen
By FXOpen

The British Pound remained well above the 1.2450 level and climbed higher above 1.2550 against the US Dollar. The GBP/USD pair even broke the 1.2600 level, but it struggled to continue higher.

The pair traded as high as 1.2687 on FXOpen and it is currently declining. There was a break below a connecting bullish trend line with support at 1.2578 on the hourly chart. Besides, the pair broke the 1.2560 support and the 50 hourly simple moving average.

It is currently testing the 61.8% Fib retracement level of the upward move from the 1.2454 low to 1.2678 high. It seems like the pair might continue to move down towards the 1.2520 and 1.2500 support levels.

If the bears remain in action, GBP/USD might even revisit 1.2450. Conversely, the pair could break the 1.2600 resistance zone and the 50 hourly SMA to start a fresh increase towards 1.2700.

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