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HomeContributorsTechnical AnalysisGBP/USD Pair is Now Correcting Losses from the $1.2010 Low

GBP/USD Pair is Now Correcting Losses from the $1.2010 Low

FXOpen
By FXOpen

The British Pound started a fresh decline from the 1.2050 resistance against the US Dollar. The GBP/USD pair traded below the 1.20100 support zone to enter a bearish zone.

The pair even declined below 1.1920 and the 50 hourly simple moving average. A low was formed near 1.1807 and the pair is now correcting losses. It climbed above the 1.1880 resistance level.

The first major resistance sits near the 1.1920 zone and a connecting bearish trend line on the hourly chart. If there is a clear upside break above the 1.1920 resistance, the pair could rise steadily towards the 1.2000 level in the near term.

On the downside, an initial support is near 1.1850 on FXOpen. The main support is forming near the 1.1800 level. A break below the 1.1800 support could even push the pair below the 1.1750 support.

FXOpen
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