GBP/USD is consolidating gains pace above the 1.2350 zone. GBP/JPY is also rising and might gain pace if it clears the 161.80 resistance zone.
Important Takeaways for GBP/USD and GBP/JPY
· The British Pound is showing positive signs above 1.2350 against the US Dollar.
· There is a key contracting triangle forming with resistance near 1.2400 on the hourly chart of GBP/USD.
· GBP/JPY started a fresh increase above the 160.00 resistance zone.
· There is a major bullish trend line forming with support near 160.90 on the hourly chart.
GBP/USD Technical Analysis
This past week, the British Pound found support near the 1.2280 zone against the US Dollar. The GBP/USD pair formed a base and started a steady increase above the 1.23200 level.
There was a clear move above the 1.2350 resistance and the 50 hourly simple moving average. The pair even cleared the 1.2400 resistance. A high is formed near 1.2418 on FXOpen and the pair corrected lower....More info: blog FXOpen
