GBP/USD started a recovery wave above the 1.1950 resistance zone. GBP/JPY declined and remains at a risk of more losses below 163.00.
Important Takeaways for GBP/USD and GBP/JPY
· The British Pound started a recovery wave above the 1.1950 resistance against the US Dollar.
· There is a major bullish trend line forming with support near 1.1960 on the hourly chart of GBP/USD.
· GBP/JPY declined steadily after it failed to clear the 166.20 resistance zone.
· There was a break below a key bullish trend line with support near 165.60 on the hourly chart.
GBP/USD Technical Analysis
This past week, the British Pound found support near the 1.1750 zone against the US Dollar. The GBP/USD pair started a recovery wave and was able to settle above the 1.1850 zone.
There was a steady increase above the 1.1900 zone and the 50 hourly simple moving average. The pair even traded above the 1.2000 resistance zone. However, the bears were active near the 1.2050 and 1.2060 levels...More info: blog FXOpen
