Saturday, October 1, 2022

GBP/USD Reaches Crucial Juncture, 1.3050 Holds The Key


Looking at the GBP/USD 4-hours chart, the pair traded as low as 1.2862 and recently started a fresh upward move. It surpassed the 1.2920 and 1.2950 resistance levels. There was also a break above the 50% Fib retracement level of the downward move from the 1.3064 swing high to 1.2862 swing low.

The pair even spiked above the 1.3000 resistance, the 200 simple moving average (green, 4-hours), and the 100 simple moving average (red, 4-hours). However, it is facing a couple of important hurdles near 1.3050.

The main resistance is still near 1.3065, above which is likely to resume its upward move. The next stop for buyers could be 1.3120 or even 1.3155.

Conversely, the pair could trim gains and decline again. On the downside, there is a key bullish trend line forming with support near 1.2910. A clear break below 1.2910 and 1.2900 could start an extended decline towards the 1.2860 support zone or even 1.2820.

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