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GBP/USD and GBP/JPY Eye Key Upside Break – Analytics & Forecasts – 7 November 2022

November 7, 2022| Forex Market

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 

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