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HomeContributorsTechnical AnalysisGBP/USD Outlook: The Pair Made An Attempt To Clear The 1.3800 Resistance...

GBP/USD Outlook: The Pair Made An Attempt To Clear The 1.3800 Resistance Zone, But It Struggled

FXOpen
By FXOpen

The British Pound started a recovery wave above the 1.3750 resistance against the US Dollar. The GBP/USD pair made an attempt to clear the 1.3800 resistance zone, but it struggled.

A high was formed near 1.3807 and it started a fresh decline. There was a break below a key bullish trend line with support near 1.3770 on the hourly chart. It even broke the 1.3750 level and the 50 hourly simple moving average.

It is now consolidating near 1.3740 and it is facing resistance near 1.3750 on FXOpen. The next key resistance is near the 1.3760 level and the 50 hourly simple moving average. If there is a clear break above the 1.3750 and 1.3760 resistance levels, the pair could revisit 1.3800.

On the downside, an initial support is near the 1.3720 level. A break below the 1.3730 and 1.3720 support levels could lead the pair back towards 1.3680.

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