GBP/USD started a downside correction from the 1.2400 zone. EUR/GBP climbed higher above the 0.8750 and 0.8780 resistance levels.
Important Takeaways for GBP/USD and EUR/GBP
· The British Pound started a fresh decline from the 1.2400 resistance against the US Dollar.
· There is a key bearish trend line forming with resistance near 1.2090 on the hourly chart of GBP/USD.
· EUR/GBP started a decent increase above the 0.8720 and 0.8750 resistance levels.
· There is a connecting bullish trend line forming with support near 0.8765 on the hourly chart.
GBP/USD Technical Analysis
The British Pound faced a strong selling interest near the 1.2400 zone against the US Dollar. The GBP/USD pair formed a short-term top near 1.2400 and started a downside correction.
There was a clear move below the 1.2320 and 1.2280 support levels. The pair even declined below the 1.2120 level and the 50 hourly simple moving average. It traded as low as 1.1991 on FXOpen and is currently correcting losses…More info: blog FXOpen