GBP/USD Rebound Facing Crucial Resistance

Key Highlights · The British Pound found support near 1.2720 and recovered against the US Dollar. · There is a crucial bearish trend line formed with resistance at 1.2900 on the 4-hours chart of GBP/USD.

GBP/USD Technical Analysis Looking at the 4-hours chart, the pair started a decent recovery from the 1.2720 swing low. It traded above the 1.2800 resistance and the 23.6% Fib retracement level of the last decline from the 1.3071 high to 1.2722 low.

However, the price struggled to break the 1.2900-1.2915 resistance area plus the 100 simple moving average (red, 4-hours). Besides, there was no close above the 50% Fib retracement level of the last decline from the 1.3071 high to 1.2722 low.

Moreover, there is a crucial bearish trend line formed with resistance at 1.2900. Therefore, the pair must break the 1.2900 and 1.12915 resistance levels to move into a positive zone.

On the downside, an immediate support awaits at 1.2800, below which the pair may perhaps drop back towards the 1.2720 swing low in the near term. Overall, it seems like GBP/USD is preparing for the next break either above 1.2900 or below 1.2800.

GBPUSD

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