HomeContributorsTechnical AnalysisGBP/USD Pair Broke The 1.3800 Support Zone To Move Further Into A...

GBP/USD Pair Broke The 1.3800 Support Zone To Move Further Into A Bearish Zone

The British Pound started a fresh decline from well above the 1.3900 level against the US Dollar. The GBP/USD pair broke the 1.3800 support zone to move further into a bearish zone.

The pair is now trading well below the 1.3780 level and the 50 hourly simple moving average. There is also a major bearish trend line forming with resistance near 1.3780 on the hourly chart. On the downside, the pair might struggle to stay above 1.3720 on FXOpen.

If there is a downside break below the 1.3720 support zone, there is a risk of more losses towards the 1.3650 and 1.3640 levels in the near term.

On the upside, the key resistance is near the 1.3780 level. The next major resistance is near the 1.3800 zone and the 50 hourly simple moving average, above which the pair could recover towards 1.3900.

FXOpen
FXOpenhttps://www.fxopen.com/
FXOpen is a global Forex and CFD Broker, founded in 2005 by a group of traders. With over 16 years of experience, the company has gained an excellent reputation a major brokerage that continues to expand rapidly. The broker offers a choice of platforms, including the popular MT4 and MT5 platforms, with a wide range of trading instruments with spreads from 0.0 pips: 600+ FX, index, share, commodity and cryptocurrency CFDs. FXOpen also provides its own PAMM technology, allowing clients to benefit from the strategies of experienced traders with a proven track record of successful trading and guarantees automatic distribution of profit and loss between the strategy provider and the strategy followers. CFDs are complex instruments and come with a high risk of losing your money. PAMM is only available in certain jurisdictions. Cryptocurrency CFDs are not available to Retail clients at FXOpen UK.

Featured Analysis

Learn Forex Trading