GBP/USD started a fresh decline and tested the 1.3680 support. EUR/GBP is rising, but it must stay above the 0.8440 support zone to continue higher.
Important Takeaways for GBP/USD and EUR/GBP
· The British Pound failed to gain pace above the 1.3800 and 1.3830 resistance levels.
· There was a break below a major contracting triangle with support near 1.3760 on the hourly chart of GBP/USD.
· EUR/GBP corrected lower from the 0.8475 resistance zone and declined below 0.8460.
· There is a major bullish trend line forming with support 0.8440 on the hourly chart.
GBP/USD Technical Analysis
The British Pound attempted a key upside break above 1.3820 against the US Dollar. The GBP/USD pair failed to gain momentum and started a fresh decline below 1.3750.
The pair broke the 1.3720 support zone and the 50 hourly simple moving average. There was also a break below a major contracting triangle with support near 1.3760 on the hourly chart of GBP/USD...... More info: blog FXOpen
