GBP/USD Dives Again, Can Bulls Protect 1.3000?

Key Highlights

  • GBP/USD failed to stay above the 1.3150 support and declined sharply below 1.3100.
  • A crucial expanding triangle is forming with support near 1.2984 on the 4-hours chart.

GBP/USD Technical Analysis

Looking at the 4-hours chart, the pair traded as high as 1.3209 and recently started a sharp decline. There was a break below the 1.3100 support level and the 100 simple moving average (red, 4-hours).

Moreover, the pair declined below the 50% Fib retracement level of the upward move from the 1.2977 low to 1.3209 high. It seems like the pair trimmed most its gains and it remains at a risk of more losses.

More importantly, there is a crucial expanding triangle forming with support near 1.2984. If the pair fails to stay above the 1.3000 support and the 1.2980 area, it could decline heavily.

The next major support is near the 1.2940 and 1.2920 levels. Conversely, GBP/USD might bounce back from either 1.2980 or 1.3000. On the upside, an initial hurdle is near 1.3080, above which the pair might rise towards the 1.3150 resistance area.

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