GBP/USD Remains At Risk Of More Downside
Titan FX | Sep 21, 2020 11:21PM ET
Looking at the GBP/USD 4-hours chart, the pair topped near the 1.3007 level before starting a fresh decline. There was a break below a key contracting triangle with support near 1.2910.
It opened the doors for more losses below 1.2900, and the pair settled well below the 200 simple moving average (green, 4-hours) and the 100 simple moving average (red, 4-hours). The pair traded below the 61.8% Fib retracement level of the upward move from the 1.2762 low to 1.3007 high.
It seems like the pair is under a lot of selling pressure and it could continue to move down below 1.2780. Any further losses might lead the pair towards the 1.2650 level.
On the upside, an initial resistance is near the 1.2880 level. The next major resistance is near the broken trend line and 1.2920. The main resistance is still near 1.3000, above which the pair could turn positive.
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