Tue, Nov 26, 2024 @ 09:25 GMT
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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.

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