GBP/USD and GBP/JPY At Risk of Downside Break

28 November 2022, 20:06

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 

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