GBP\/USD<\/strong><\/a> traded below the 1.2000 support to enter a bearish zone. The pair settled below the 1.2050 support level, the 100 simple moving average and the 200 simple moving average. It retested the key 1.1920 support zone. A low was formed near 1.1922 and the pair recently started an upside correction. There was a wave above the 1.1950 and 1.2000 resistance levels.<\/p>\nGBP\/USD spiked above the 50% Fib retracement level of the downward move from the 1.2147 swing high to 1.1922 low. On the upside, an immediate resistance is near the 1.2060 level. There is also a major bearish trend line forming with resistance near 1.2060. The next major resistance is near the 1.2100 level. A clear move above the 1.2100 resistance might start a steady increase.<\/p>\n
On the downside, an immediate support is near the 1.1950 level. The mext major support is near the 1.1920 level, below which there is a risk of a move towards the 1.1850. Any more losses could open the doors for a drop towards 1.1720.<\/p>\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
GBP\/USD Could Recover If Bulls Clear This Hurdle GBP\/USD retested key 1.1920 support zone. A major bearish trend line is forming with resistance near 1.2060. EUR\/USD is attempting a recovery wave above the 1.0600 resistance zone. Gold price is struggling to stay above the $1,800 support. The British Pound started a fresh decline from well<\/p>\n... continue reading<\/a>.","protected":false},"author":3,"featured_media":17098,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[17],"tags":[39,265,47,182,172,19,320,201],"yoast_head":"\r\nGBP\/USD Could Recover If Bulls Clear This Hurdle | Xtreamforex<\/title>\r\n<meta name=\"description\" content=\"The British Pound started a fresh decline from well above 1.2100 against the US Dollar. 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