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GBP/USD holds above 1.3400 as traders watch key support levels
The British pound rose above 1.3400 and a move below 1.3350 could push GBP/USD toward 1.3320, while a break above 1.3520 may reopen gains toward 1.3555.
GBP/USD started a move higher, rising above 1.3380 and surpassing 1.3400 to enter a positive zone, according to Action Forex. The pair was described as holding above the 4-hour 100 simple moving average and 200 simple moving average, with the price also moving above the 61.8% Fibonacci retracement of the prior swing.
On the downside, the analysis highlights nearby bears activity around 1.3520 and says support could appear near 1.3350, including the 4-hour 200 simple moving average. It adds that a break and close below 1.3350 could steer the pair toward 1.3320, with further losses potentially targeting 1.3250.
To the upside, the article points to resistance near 1.3500, followed by a next major resistance at 1.3520. It states that a close above 1.3520 could start another steady increase, with bulls potentially aiming for 1.3555 and then a test of 1.3620.
The same technical outlook also noted that Bitcoin faced hurdles, with bears aiming for a push toward the $60,000 level, as the forex pair’s levels were being monitored.
Latest closeBitcoin $78,517.52 ▲1.0%|GBP/USD 1.354 ▲0.3%