GBP/USD Correcting Gains, But Dips Limited

Looking at the 4-hours chart, the pair traded as high as 1.3538 and it settled well above the 200 simple moving average (green, 4-hours).

Recently, there was a downside correction below the 1.3500 and 1.3440 support levels.

There was even a break below a major bullish trend line with support at 1.3340 on the same chart. The pair spiked below 1.3300 and the 100 simple moving average (red, 4-hours). The pair traded as low as 1.3225 and it remains at a risk of more losses.

The next major support is near the 1.3180 level, below which the pair could test 1.3120. Conversely, the pair could start a fresh increase above the 1.3380 and 1.3400 resistance levels. The next major resistance at 1.3440 and 1.3445.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

This site uses cookies to offer you a better browsing experience. By browsing this website, you agree to our use of cookies.