GBP/USD Holding Gains Above 1.3100

  


Looking at the   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).

GBPUSD
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.





Read more here