GBP/USD is eyeing an upside break above the 1.3820 resistance zone. EUR/GBP is rising and it could gain pace if it clears the 0.8465 resistance.
Important Takeaways for GBP/USD and EUR/GBP
· The British Pound was able to gain pace above the 1.3700 and 1.3750 resistance levels.
· There is a key rising channel forming with support near 1.3760 on the hourly chart of GBP/USD.
· EUR/GBP formed a support base above 0.8420 and started a fresh increase.
· There was a break above a major bearish trend line with resistance near 0.8440 on the hourly chart.
GBP/USD Technical Analysis
The British Pound started a major increase from the 1.3440 support zone against the US Dollar. The GBP/USD pair traded above the 1.3600 resistance zone to move into a positive zone.
The pair even broke the 1.3750 resistance zone and settled above the 50 hourly simple moving average. It even spiked above 1.3800 and traded as high as 1.3835. GBP/USD is now correcting gains and trading below 1.3800.... More info: blog FXOpen
