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HomeContributorsTechnical AnalysisGBP/USD Pair Started a Downside Correction from 1.3556 High

GBP/USD Pair Started a Downside Correction from 1.3556 High

FXOpen
By FXOpen

The British Pound started a fresh increase from the 1.3420 support zone against the US Dollar. The GBP/USD pair was able to clear the 1.3450 and 1.3500 resistance zone.

It even climbed slightly above the 1.3550 level and settled above the 50 hourly simple moving average. The pair traded as high as 1.3556 and started a downside correction. There was a move below the 1.3540 and 1.3435 levels.

An initial support on the downside is near the 1.3515 level. The main support is forming near the 1.3500 level. A break below the 1.3500 support level could even push the pair below the 1.3460 support.

On the upside, the pair is now facing resistance near the 1.3550 zone. The next key resistance is near the 1.3580 level. Any more gains might push the pair towards 1.3620 on FXOpen.

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