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GBP/USD rises as buyers defend gains above 1.3320

The pair is back above 1.3400, with a 1.3500 break flagged as the next step, while support is seen near 1.3370 and 1.3300.

Reported · Written up by our desk · Major Pairs

The British pound held a positive footing against the US dollar, trading above 1.3320 as GBP/USD steadied after correcting from the 1.3450 area, according to Action Forex.

On the 4-hour chart, the pair tested the 38.2% Fibonacci retracement of the rise from the 1.3140 swing low to the 1.3451 high, and it remained above both the 100 and 200 simple moving averages on that timeframe.

Price action points to GBP/USD rising again above 1.3400, with resistance highlighted around 1.3435 and 1.3450, and a larger ceiling near 1.3500.

On the downside, support is identified near 1.3370 and 1.3300, with a breakdown and close below 1.3300 potentially opening the way toward 1.3260, and further losses could drive a move toward 1.3200.

Latest closeGBP/USD 1.339 ▲0.0%

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