Looking at the GBP/USD 4-hours chart, the pair found a strong support near the 1.3100 zone (the last breakout zone). The pair also remained well above the 100 simple moving average (red, 4-hours) and the 200 simple moving average (green, 4-hours).
A low was formed near 1.3106 and the pair climbed above 1.3180. The pair even broke the 50% Fib retracement level of the downward move from the 1.3313 high to 1.3106 low.
However, the pair seems to be struggling near the 1.3240-1.3250 zone. It is close to the 61.8% Fib retracement level of the downward move from the 1.3313 high to 1.3106 low. A successful break and close above the 1.3250 level could clear the path for a fresh increase above the 1.3300 zone.
On the downside, there is a major bullish trend line forming with support near 1.3150 on the same chart. If there is a downside break below the trend line, the pair could revisit the 1.3100 support.
Any further losses may perhaps open the doors for a drop towards the 1.3070 support or the 100 simple moving average (red, 4-hours).
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GBP/USD Holding Gains Above 1.3100
Published 11/16/2020, 09:57 PM
Updated 07/09/2023, 06:32 AM
GBP/USD Holding Gains Above 1.3100
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