GBP/USD Technical Analysis on the 1-hour timeframe: 29/05/2023

deltawriter 29 May 2023

In the 1-hour chart of GBP/USD, this currency pair started a significant decline from the level of 1.2475, and the British pound dropped below the support level of 1.2390 against the US dollar.

Continuing the bearish movement, the bears pushed this pair towards the support level of 1.2360 and the 50-hour simple moving average. As a result, it retested the support level of 1.2310. However, currently, the price is attempting a fresh increase.

The 50% Fibonacci retracement level from 1.2395 toward the support level of 1.2321 is close to the trendline. The first major resistance on the GBP/USD chart is near the level of 1.2380, followed by the resistance zone at 1.2390. Any further increase could propel this currency pair toward the short-term resistance at 1.2475.

If there is no upward break and the RSI falls below 50, it is possible that this currency pair will resume a downtrend. The initial support is located at the level of 1.2310, where bulls may take a stand. If a downward break occurs, GBP/USD may touch the support level of 1.2240.

If a downward break occurs, GBP/USD may touch the support level of 1.2240.

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