GBP/USD Remains In Uptrend Above 1.3120

Key Highlights

  • The British pound climbed to 1.3380 before correcting lower against the US dollar.
  • A major bullish trend line is formed with support at 1.3060 on the 4-hour chart of GBP/USD.

GBP/USD Technical Analysis

The pair traded as high as 1.3381 before starting a downside correction. It traded below the 23.6% Fibonacci retracement level of the last wave from the 1.2960 low to 1.3381 high.

However, there are many supports on the downside near the 1.3170 level and the 50% Fibonacci retracement level of the last wave from the 1.2960 low to 1.3381 high. The main support is near the 1.3120 level (the previous resistance area).

Moreover, there is a major bullish trend line is formed with support at 1.3060, placed along with the 200 simple moving average (green, 4-hours).

Therefore, dips in GBP/USD towards the 1.3170 or 1.3120 levels are likely to find a strong buying interest.

GBP/USD, H4

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