GBP/USD started a fresh increase above the 1.2000 zone. EUR/GBP might attempt a recovery wave if it clears the 0.8430 resistance.
Important Takeaways for GBP/USD and EUR/GBP
· The British Pound started a fresh increase from the 1.1850 zone against the US Dollar.
· There is a key bullish trend line forming with support near 1.2120 on the hourly chart of GBP/USD.
· EUR/GBP declined below the 0.8450 and 0.8400 support levels .
· There was a break above a major bearish trend line with resistance near 0.8385 on the hourly chart.
GBP/USD Technical Analysis
The British Pound formed base above the 1.1850 and 1.1880 levels against the US Dollar. The GBP/USD pair started a fresh increase after it clearly broke the 1.2000 resistance.
There was a steady move above the 1.2050 level and the 50 hourly simple moving average. The bulls even pumped the pair above the 1.2120 level. A high was formed near 1.2245 on FXOpen the pair is now consolidating gains....More info: blog FXOpen