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Technical Analysis
Daily Market Analysis By FXOpen
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[QUOTE="Resolve, post: 198174, member: 29339"] [B]GBP/USD and EUR/GBP Target Additional Losses[/B] [IMG]https://i.postimg.cc/vZMXSmV2/GBPUSD-Cable.jpg[/IMG] [B][I]GBP/USD started a steady decline from the 1.4000 resistance zone. EUR/GBP also declined and it broke the key 0.8500 support zone.[/I] Important Takeaways for GBP/USD and EUR/GBP[/B] [LIST] [*] [*]The British Pound failed to surpass the 1.4000 resistance zone and started a fresh decline. [*]There is a major bearish trend line forming with resistance near 1.3915 on the hourly chart of GBP/USD. [*]EUR/GBP started a fresh decline from well above the 0.8550 pivot level. [*]There is a key bearish trend line forming with resistance near 0.8500 on the hourly chart. [/LIST] [B]GBP/USD Technical Analysis[/B] [IMG]https://i.postimg.cc/Z5cjkhPb/gbpusd-chart-1.png[/IMG] The British Pound made many attempts to clear the 1.3400 resistance level against the US Dollar, but it failed. As a result, the GBP/USD pair started a steady decline below the 1.3950 level. The pair even broke the 1.3920 support level and it settled below the 50 hourly simple moving average. Finally, there was a break below the 1.3900 support and the pair traded as low as 1.3855 on FXOpen. It is now consolidating losses above the 1.3850 support. An immediate resistance on the upside is near the 1.3875 level. The 23.6% Fib retracement level of the downward move from the 1.3948 swing high to 1.3855 low is also near the 1.3875 level. The first major resistance is now forming near the 1.3900 zone and 50 hourly simple moving average. It is close to the 50% Fib retracement level of the downward move from the 1.3948 swing high to 1.3855 low. Moreover, there is a major bearish trend line forming with resistance near 1.3915 on the hourly chart of GBP/USD. Therefore, a proper break above the 1.3900 resistance and the trend line could open the doors for a steady increase. An immediate support on the downside is near the 1.3850 level. A downside break below the 1.3850 level might call for more losses. The next major support is near the 1.3800 level. Any more losses could lead the pair towards the 1.3740 level in the near term. [B]Read Full on FXOpen Company Blog...[/B] [/QUOTE]
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