Sat, Nov 16, 2024 @ 13:24 GMT
Facebook Mail RSS Twitter
HomeContributorsTechnical AnalysisGBP/USD Outlook: The Pair Traded Below The 1.3850 Support Level To Move...

GBP/USD Outlook: The Pair Traded Below The 1.3850 Support Level To Move Into A Bearish Zone

FXOpen
By FXOpen

The British Pound started a fresh decline after it failed to surpass 1.3880 against the US Dollar. The GBP/USD pair traded below the 1.3850 support level to move into a bearish zone.

The pair even broke the 1.3800 support and the 50 hourly simple moving average. It traded as low as 1.2725 and it is now correcting higher. An immediate resistance is near the 1.3760 level. There is also a major bearish trend line with resistance near 1.3760 on the hourly chart.

If there is a clear break above the 1.3750 and 1.3760 resistance levels, the pair could start a decent recovery towards the 1.3800 resistance.

On the downside, an initial support on FXOpen is near the 1.3735 level. The main support is forming near the 1.3725 level. If there is a downside break the 1.3725 support, the pair could decline towards 1.3650.

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

Load more

Learn Forex Trading

ActionForex.com was set up back in 2004 with the aim to provide insightful analysis to forex traders, serving the trading community for over a decade. Empowering the individual traders was, is, and will always be our motto going forward.

Contact us: contact@actionforex.com

© ActionForex.com © 2024 All rights reserved.