GBP/USD extended its decline below the 1.3500 support zone before correcting higher. GBP/JPY is rising and it could gain pace if it clears the 150.60 level.
Important Takeaways for GBP/USD and GBP/JPY
· The British Pound traded as low as 1.3411 before it started a fresh increase against the US Dollar.
· There was a break above a key bearish trend line with resistance near 1.3455 on the hourly chart of GBP/USD.
· GBP/JPY found support near 149.20 and started a decent increase.
· There is a major bearish trend line forming with resistance near 150.60 on the hourly chart.
GBP/USD Technical Analysis
This past week, the British Pound saw a drop below the 1.3650 support level against the US Dollar. The GBP/USD pair even broke the 1.3600 and 1.3500 support levels.
It traded as low as 1.3411 on FXOpen before it started a fresh increase. There was a steady increase above the 1.3450 resistance level.
The price surpassed the 1.3500 resistance level and the 50 hourly simple moving average... More info: blog FXOpen
