GBP/USD started a decent recovery wave above the 1.1250 resistance. GBP/JPY is also rising and might climb further higher above the 167.00 zone.
Important Takeaways for GBP/USD and GBP/JPY
· The British Pound started a recovery wave above the 1.1250 resistance against the US Dollar.
· There is a key bearish trend line forming with resistance near 1.1395 on the hourly chart of GBP/USD.
· GBP/JPY declined heavily before it found support near the 165.00 zone.
· There is a major bearish trend line forming with resistance near 167.00 on the hourly chart.
GBP/USD Technical Analysis
This past week, the British Pound found support near the 1.1150 zone against the US Dollar. The GBP/USD pair formed a base and started a steady recovery wave above the 1.1200 level.
There was a clear move above the 1.1250 resistance and the 50 hourly simple moving average. The pair even traded above the 38.2% Fib retracement level of the main decline from the 1.1564 swing high to 1.1146 low (formed on FXOpen)….More info: blog FXOpen