GBP/USD Rebound Could Face Hurdles

Opening Bell: Trump Boosts Europe, U.S. Futures; WTI Rallies On Supply Cuts

GBP/USD Rebound Could Face Hurdles

By Titan FXForexFeb 11, 2019 09:37PM ET

www.investing.com/analysis/gbpusd-rebound-could-face-hurdles-200386594

GBP/USD Rebound Could Face Hurdles

By Titan FX | Feb 11, 2019 09:37PM ET

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Key Highlights

The British pound declined heavily and broke the 1.3040 support area against the U.S. dollar.
Two bearish trend lines formed with resistance at 1.2970 and 1.3025 on the 4-hour chart of GBP/USD.

GBP/USD Technical Analysis

Looking at the 4-hours chart, the pair settled below the 1.3000 support and the 100 (red) simple moving average (4-hours), opening the doors for more losses in the near term. The pair tested the 1.2850 support area, where buyers emerged.

Later, there was an upside correction above the 1.2925 level and the 23.6% Fibonacci retracement level of the recent decline from the 1.3160 high to 1.2854 low.

However, the pair faced a strong resistance near the 1.3000 level and the 38.2% Fib retracement level of the recent decline from the 1.3160 high to 1.2854 low. Moreover, there are two bearish trend lines formed with resistance at 1.2970 and 1.3025 on the same chart.

A successful close above the 1.3000 and 1.3025 resistance is needed for the pair to move back in the positive zone. If not, there is a risk of a downside move towards the 1.2850 and 1.2800 supports.

GBP/USD, H4 Chart

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Central Banks

Interest Rates

Next Meeting

FED

2.50%

Mar 20, 2019

ECB

0.00%

Mar 07, 2019

BOE

0.75%

Mar 21, 2019

SNB

-0.75%

Mar 21, 2019

RBA

1.50%

Mar 05, 2019

BOC

1.75%

Mar 06, 2019

RBNZ

1.75%

Mar 27, 2019

BOJ

-0.10%

Mar 15, 2019

CBR

7.75%

Mar 22, 2019

RBI

6.25%

Apr 04, 2019

PBOC

4.35%

BCB

6.50%

Mar 20, 2019

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GBP/USD Rebound Could Face Hurdles

Key Highlights

GBP/USD Technical Analysis

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