GBP/USD started a downside correction from the 1.2275 zone. GBP/JPY declined and remains at a risk of more losses below 161.20.
Important Takeaways for GBP/USD and GBP/JPY
· The British Pound failed to gain strength above the 1.2275 zone against the US Dollar.
· There is a major bullish trend line forming with support near 1.2110 on the hourly chart of GBP/USD.
· GBP/JPY declined steadily after it failed to clear the 163.65 resistance zone.
· There was a break below a key rising channel with support near 162.00 on the hourly chart.
GBP/USD Technical Analysis
This past week, the British Pound found support near the 1.2000 zone against the US Dollar. The GBP/USD pair started a recovery wave and was able to settle above the 1.2100 zone.
There was a steady increase above the 1.2150 zone and the 50 hourly simple moving average. The pair even traded above the 1.2200 resistance zone. However, the bears were active near the 1.2275 and 1.2280 levels...More info: blog FXOpen
