GBP/USD started a downside correction from the 1.2150 resistance. GBP/JPY is diving and there are chances of a move towards the 166.00 support.
Important Takeaways for GBP/USD and GBP/JPY
· The British Pound struggled to clear the 1.2150 resistance zone against the US Dollar.
· There is a key bullish trend line forming with support near 1.2040 on the hourly chart of GBP/USD.
· GBP/JPY started a fresh decline from the 169.00 resistance zone.
· There was a break below a major bullish trend line with support near 167.85 on the hourly chart.
GBP/USD Technical Analysis
This past week, the British Pound found support near the 1.1800 zone against the US Dollar. The GBP/USD pair formed a base and started a steady recovery wave above the 1.2000 level.
There was a clear move above the 1.2050 resistance and the 50 hourly simple moving average. However, the pair struggled to clear the 1.2150 resistance zone. A high was formed near 1.2153 on FXOpen and the pair started a downside correction....More info: blog FXOpen