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.

GBPUSD
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