GBP/USD started a fresh increase from the 1.3180 zone and climbed above 1.3300. GBP/JPY is also rising and trading above the 152.00 resistance.
Important Takeaways for GBP/USD and GBP/JPY
· The British Pound started a fresh increase above the 1.3200 and 1.3300 resistance levels against the US Dollar.
· There is a major bullish trend line forming with support near 1.3365 on the hourly chart of GBP/USD.
· GBP/JPY also started a steady increase above the 151.50 and 152.00 resistance levels.
· There is a key bullish trend line forming with support near 152.75 on the hourly chart.
GBP/USD Technical Analysis
After a major decline, the British Pound found support near the 1.3180 zone against the US Dollar. The GBP/USD pair started a fresh increase above the 1.3220 and 1.3300 resistance levels to move into a positive zone.
There was also a break above the 1.3350 zone and the 50 hourly simple moving average. It traded as high as 1.3427 on FXOpen and is currently consolidating gains.
There was a minor decline below the 1.3420 level. On the downside, an immediate support is near the 1.3380 level. It is near the 23.6% Fib retracement level of the upward move from the 1.3173 swing low to 1.3427 high.
There is also a major bullish trend line forming with support near 1.3365 on the hourly chart of GBP/USD. The next major support is near the 1.3300 level.
The 50% Fib retracement level of the upward move from the 1.3173 swing low to 1.3427 high is also near the 1.3300 zone. If there is a break below the 1.3300 support, the pair could test the 1.3250 support. If there are additional losses, the pair could decline towards the 1.3150 level.
On the upside, the pair is facing resistance near the 1.3420 level. A close above the 1.3420 level could open the doors for more gains. The next major hurdle is near 1.3450, above which the pair could surge towards 1.3500.
GBP/JPY Technical Analysis
The British Pound also started a major increase from the 150.00 support zone against the Japanese Yen. The GBP/JPY pair broke the 151.50 resistance zone to enter a positive zone.
The pair even traded above the 152.00 zone and the 50 hourly simple moving average. There was also a break above the 153.00 level and a close above the 153.50 pivot level. The pair traded as high as 153.72 and currently correcting gains.
On the downside, an initial support is near the 153.00 level. The next major support is near the 152.80 level. There is also a key bullish trend line forming with support near 152.75 on the hourly chart.
The trend line is near the 23.6% Fib retracement level of the upward move from the 149.65 swing low to 153.75 high. If there is a downside break below the trend line, the pair could decline towards the 151.50 support zone.
The 50% Fib retracement level of the upward move from the 149.65 swing low to 153.75 high is also near the 151.50 zone.
On the upside, the pair is now facing resistance near the 153.50 level. The next key resistance could be 153.80. A clear break above the 153.80 resistance could push the pair towards the 155.00 resistance.
This forecast represents FXOpen Markets Limited opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Markets Limited products and services or as financial advice.
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