GBP/USD started a fresh decline from the 1.2165 resistance. EUR/GBP declined heavily and tested the 0.8440 support zone.
Important Takeaways for GBP/USD and EUR/GBP
· The British Pound started a fresh decline from the 1.2165 zone against the US Dollar.
· There is a key bullish trend line forming with support near 1.1960 on the hourly chart of GBP/USD.
· EUR/GBP declined below the 0.8550 and 0.8500 support levels .
· There is a major bearish trend line forming with resistance near 0.8480 on the hourly chart.
GBP/USD Technical Analysis
The British Pound failed to gain strength above the 1.2200 level against the US Dollar. The GBP/USD pair started a fresh decline below the 1.2150 and 1.2120 support levels.
There was a clear move below the 1.2000 support level and the 50 hourly simple moving average. The bears even pushed the pair below the 1.1950 level. A low was formed near 1.1875 on FXOpen the pair is now correcting losses...More info: blog FXOpen
