GBP/USD Facing Key Resistance Near 1.3100

Key Highlights · The British Pound corrected higher, but it failed to hold gains above 1.3100 against the US Dollar. · There was a failed attempt to break a bearish trend line with current resistance at 1.3095 on the 4-hours chart of GBP/USD. · GBP/USD Technical Analysis After trading as low as 1.2921, the British Pound started an upside correction against the US Dollar. The GBP/USD pair climbed above the 1.3000 and 1.3050 levels, but it failed to hold gains above 1.3100.

Looking at the 4-hours chart, the pair recovered nicely above the 1.3050 resistance and the 50% Fib retracement level of the last drop from the 1.3217 high to 1.2921 low.

The pair even broke the 200 simple moving average (green, 4-hours) and 1.3075. However, the pair struggled to settle above the 1.3100-1.3110 resistance area. There was also a failed attempt to break a bearish trend line with current resistance at 1.3095.

On the upside, the pair has to settle above the trend line, 1.3100, and the 100 simple moving average (red, 4-hours) to gain bullish momentum towards 1.3150 and 1.3200 in the coming days.

On the other hand, the EUR/USD pair remained under a lot of pressure as it fell below the 1.1500 support level. The next major support on the downside awaits at 1.1420.

GBPUSD

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