GBP/USD and GBP/JPY Aims Higher

FXOpen

GBP/USD is gaining pace above the 1.2100 zone. GBP/JPY is also rising and might gain pace if it clears the 160.20 resistance zone.

Important Takeaways for GBP/USD and GBP/JPY

· The British Pound is showing positive signs above 1.2000 against the US Dollar.

· There was a break above a major bearish trend line with resistance near 1.2065 on the hourly chart of GBP/USD.

· GBP/JPY started a fresh increase above the 158.50 resistance zone.

· There is a key contracting triangle is forming with resistance near 160.00 on the hourly chart.

GBP/USD Technical Analysis

This past week, the British Pound found support near the 1.1840 zone against the US Dollar. The GBP/USD pair formed a base and started a steady recovery wave above the 1.2000 level.

There was a clear move above the 1.2050 resistance and the 50 hourly simple moving average. During the increase, there was a break above a major bearish trend line with resistance near 1.2065 on the hourly chart of GBP/USD.

GBP/USD Hourly Chart

The pair even cleared the 1.2100 resistance. A high is formed near 1.2136 on FXOpen and the pair started a consolidation phase.

An immediate resistance on the upside is near the 1.2140 level. The next major resistance is near the 1.2200 level, above which the pair could start a steady increase towards 1.2250. An upside break above 1.2250 might start a fresh increase towards 1.2320. Any more gains might call for a move towards 1.2400 or even 1.2500.

An immediate support is near the 1.2080. The next major support is near the 1.2065 level. It is near the 23.6% Fib retracement level of the upward move from the 1.1841 swing low to 1.2136 high.

If there is a break below the 1.2065 support, the pair could test the 1.2050 support. It is near the 50% Fib retracement level of the upward move from the 1.1841 swing low to 1.2136 high. Any more losses might send GBP/USD towards 1.1820.

GBP/JPY Technical Analysis

The British Pound started a fresh increase from the 155.35 zone against the Japanese Yen. The GBP/JPY pair gained pace for a move above the 158.00 and 158.50 resistance levels.

There was also a close above the 159.00 level and the 50 hourly simple moving average. The pair traded as high as 160.17 and is currently consolidating gains. An immediate resistance on the upside is near the 160.00 zone.

GBP/JPY Hourly Chart

There is also a key contracting triangle is forming with resistance near 160.00 on the hourly chart. The next key resistance could be 160.20.

A clear break above the 160.20 resistance could push the pair towards the 161.20 resistance. If not, the pair might decline below the 23.6% Fib retracement level of the upward move from the 155.35 swing low to 160.17 high.

On the downside, an initial support is near the 158.80 level. The next major support is near the 157.75. It is near the 50% Fib retracement level of the upward move from the 155.35 swing low to 160.17 high.

If there is a downside break below the 157.75 support, the pair could decline towards the 157.00 support zone in the coming sessions. Any more losses might call for a test of the 155.50 support zone.

This forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as financial advice.

Trade over 50 forex markets 24 hours a day with FXOpen. Take advantage of low commissions, deep liquidity, and spreads from 0.0 pips. Open your FXOpen account now or learn more about trading forex with FXOpen.

This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Latest from Forex Analysis

Commodities and European currencies Test Key Supports EUR/USD Analysis: The Price Today Has Set Its Minimum Since the Beginning of March Market Analysis: GBP/USD Dives While USD/CAD Gains Bullish Pace The US Currency Corrects After Recent Growth USD/JPY Price Analysis: Consolidation ahead of US News

Latest articles

Indices

Although UK-100 Index Is Near All-time Highs, UK Economy Slips into Recession

Technically, a national economic recession is defined as two consecutive quarters of contraction, and yesterday's Office for National Statistics data confirmed that this has happened — UK GDP fell in the third and fourth quarters of 2023 by 0.1% and

Cryptocurrencies

DOGE Price Increases by 170% in Less Than 2 Months

On February 1, 2024, the DOGE/USD rate was = 0.0783. On the last Friday of March, it rose to 0.2150. The rising price means Dogecoin is now the eighth-largest cryptocurrency in the world by market capitalization, overtaking Cardano

Commodities

Market Analysis: Gold Price and Crude Oil Price Gain Bullish Momentum

Gold price started a steady increase above the $2,200 resistance level. Crude oil prices are gaining bullish momentum and might rise toward $85.00.

Important Takeaways for Gold and Oil Prices Analysis Today

· Gold price started a decent increase

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 65.68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.