GBP/USD started a decent recovery wave above the 1.1200 resistance. GBP/JPY is also rising and might climb further higher above the 167.25 zone.
Important Takeaways for GBP/USD and GBP/JPY
· The British Pound started a fresh upward move above the 1.1200 resistance against the US Dollar.
· There is a key bullish trend line forming with support near 1.1210 on the hourly chart of GBP/USD.
· GBP/JPY gained pace after it was able to clear the 164.00 resistance zone.
· There is a major bullish trend line forming with support at 166.85 on the hourly chart.
GBP/USD Technical Analysis
This past week, the British Pound found support near the 1.0950 zone against the US Dollar. The GBP/USD pair formed a base and started a steady recovery wave above the 1.1120 level.
There was a clear move above the 1.1200 resistance and the 50 hourly simple moving average. The pair even traded above the 1.1320 level. A high was formed near 1.1380 and recently started a downside correction...More info: blog FXOpen
