Thu, Jul 25, 2024 @ 22:34 GMT
Facebook Mail RSS Twitter
HomeContributorsTechnical AnalysisGBP/USD Pair Started A Downside Correction From The 1.3461 High

GBP/USD Pair Started A Downside Correction From The 1.3461 High

FXOpen
By FXOpen

The British Pound started a fresh increase from the 1.3320 support zone against the US Dollar. The GBP/USD pair was able to clear the 1.3400 and 1.3420 resistance zone.

It even climbed slightly above the 1.3450 level and the 50 hourly simple moving average. The pair traded as high as 1.3461 and started a downside correction. There was a move below the 1.3440 and 1.3420 levels.

An initial support on the downside is near the 1.3425 level. The main support is forming near 1.3400 on FXOpen. A break below the 1.3400 support level could even push the pair below the 1.3380 support

On the upside, the pair is now facing resistance near the 1.3440 zone. The next key resistance is near the 1.3450 level. Any more gains might push the pair towards the 1.3500 level.

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.