Home Forex trading GBP/USD Rallies Additional, EUR/GBP Takes A Hit – Analytics & Forecasts –...

GBP/USD Rallies Additional, EUR/GBP Takes A Hit – Analytics & Forecasts – 5 December 2022

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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 



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