GBP/USD started a fresh increase above the 1.2150 resistance. EUR/GBP failed to stay above the 0.8600 support and declined towards 0.8550.
Important Takeaways for GBP/USD and EUR/GBP
· The British Pound started a fresh increase after it broke the 1.2050 resistance against the US Dollar.
· There was a break above a major bearish trend line with resistance near 1.2000 on the hourly chart of GBP/USD.
· EUR/GBP started a fresh decline after it failed to surpass the 0.8675 resistance zone.
· There was a break below a major contracting triangle with support near 0.8615 on the hourly chart.
GBP/USD Technical Analysis
The British Pound found support near the 1.1920 zone against the US Dollar. The GBP/USD pair started a fresh increase and was able to clear the 1.2000 resistance zone.
There was a also a break above a major bearish trend line with resistance near 1.2000 on the hourly chart of GBP/USD. The pair even surpassed the 1.2150 resistance zone and the 50 hourly simple moving average…More info: blog FXOpen