GBP/USD saw a new increase above the resistance zone of 1.2400. EUR/GBP is currently struggling and facing resistance around 0.8790.
The following are important takeaways about GBP/USD/EUR/GBP
- The British Pound saw a new increase above the 1.2400 barrier to the US Dollar.
- The hourly chart of GBP/USD showed a break above the key bearish trendline, with resistance at 1.2410.
- EUR/GBP is having trouble breaking the 0.8790 resistance zone.
- On the EUR/GBP hourly charts, there is a bullish trendline that forms with support close to 0.8770.
GBP/USD Technical Analysis
The British Pound experienced a downturn below the 1.2400 support level against the US Dollar this week. GBP/USD tested the 1.2345 level before the bulls intervened.
FXOpen’s hourly charts showed that a low was made near 1.2344. The pair then began an increase. The pair moved above the 1.2400 resistance area. A break was also seen above a key bearish trendline, with resistance at 1.2410.
The pair traded at 1.2456, and closed above the 50-hour simple movement average. The minor downside correction occurred below the 23.6% Fib Retracement level of upward movement from 1.2027 swing lows to 1.2205 highs.
The pair was still well-bid over the…
