GBP/USD Declines Heavily While EUR/GBP Attempts Recovery

GBP/USD started a fresh decline below the 1.2200 support zone. EUR/GBP is rising and trading above the 0.8920 support zone.

Important Takeaways for GBP/USD and EUR/GBP

· The British Pound started a fresh decline from the 1.2150 resistance against the US Dollar.

· There is a major bearish trend line forming with resistance near 1.2000 on the hourly chart of GBP/USD.

· EUR/GBP found support near 0.8780 and is currently recovering higher.

· There is a key bullish trend line forming with support near 0.8805 on the hourly chart.

GBP/USD Technical Analysis

The British Pound started a major decline from the 1.2150 resistance zone against the US Dollar. The GBP/USD pair gained pace below the 1.2050 level to move into a bearish zone.

There was a clear move below the 1.2000 level and the 50 hourly simple moving average. The bears even pumped the price below the 1.1950 level and a low is formed near 1.1928 on FXOpen. It is now consolidating losses and trading below the 1.2000 level..More  info:  blog  FXOpen