GBP/USD started a decent increase above the 1.2550 resistance. EUR/GBP is struggling to clear the 0.8500 and 0.8520 resistance levels.
Important Takeaways for GBP/USD and EUR/GBP
· The British Pound started a decent increase above 1.2550 against the US Dollar.
· There was a break above a key contracting triangle with resistance near 1.2640 on the hourly chart of GBP/USD.
· EUR/GBP is holding the 0.8480 support but struggling above 0.8500.
· There was a break above a major bearish trend line with resistance near 0.8500 on the hourly chart.
GBP/USD Technical Analysis
The British Pound remained well bid above the 1.2400 zone against the US Dollar. The GBP/USD pair started a decent increase after it broke the 1.2500 resistance.
There was a clear move above the 1.2550 level and the 50 hourly simple moving average. The bulls were even able to clear the 1.2600 resistance. Recently, there was a break above a key contracting triangle with resistance near 1.2640 on the hourly chart of GBP/USD...More info: blog FXOpen
