HomeContributorsTechnical AnalysisGBP/USD Outlook: The Pair Even Traded Above The 1.3720 Resistance Level

GBP/USD Outlook: The Pair Even Traded Above The 1.3720 Resistance Level

The British Pound started a recovery wave above the 1.3700 resistance against the US Dollar. The GBP/USD pair even traded above the 1.3720 resistance level.

The pair traded as high as 1.3747 and settled above the 50 hourly simple moving average. It seems like the pair is struggling to clear the 1.3745 and 1.3750 resistance levels.

The next key resistance is near the 1.3780 level on FXOpen. If there is a clear break above the 1.3760 and 1.3780 resistance levels, the pair could even attempt a move above the 1.3800 resistance zone in the near term.

On the downside, an initial support is near the 1.3710 level. There is also a key bullish trend line forming with support near 1.3710 on the hourly chart. A break below the trend line and 1.3700 could lead the pair back towards 1.3650.

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