GBP/USD Nosedives, EUR/GBP Could Climb Higher

22 August 2022, 13:05

GBP/USD started a fresh decline from well above the 1.2000 zone. EUR/GBP is rising and might climb further higher above the 0.8500 resistance.

Important Takeaways for GBP/USD and EUR/GBP

· The British Pound started a fresh decline from the 1.2200 zone against the US Dollar.

· There is a key bearish trend line forming with resistance near 1.1850 on the hourly chart of GBP/USD.

· EUR/GBP climbed higher above the 0.8420 and 0.8450 resistance levels.

· There is a major bullish trend line forming with support near 0.8480 on the hourly chart.

GBP/USD Technical Analysis

The British Pound struggled to clear the 1.2250 and 1.2200 resistance levels against the US Dollar. The GBP/USD pair started a decline and there was a move below the 1.2120 support zone.

There was a sharp decline below the 1.2000 support and the 50 hourly simple moving average. The bears were able to push the pair below the 1.1920 level. A low was formed near 1.1791 on FXOpen and the pair is now consolidating losses...More  info:  blog  FXOpen 

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