Key Highlights
- GBP/USD declined below 1.3550 and tested the 1.3365 zone.
- It now faces hurdles near the 1.3520 and 1.3550 levels on the 4-hour chart.
- EUR/USD attempted a fresh increase and might gain pace if it clears 1.1750.
- USD/JPY started a fresh decline below the 148.00 level.
GBP/USD Technical Analysis
The British Pound gained bearish pace below the 1.3620 support against the US Dollar. GBP/USD tested the 1.3365 zone before it started a recovery wave.
Looking at the 4-hour chart, the pair settled below the 1.3550 zone, the 100 simple moving average (red, 4-hour), and the 200 simple moving average (green, 4-hour). The pair recently corrected some losses and traded above the 1.3420 level.
On the upside, the pair could face resistance near the 1.3520 level. It is close to the 38.2% Fib retracement level of the downward move from the 1.3788 swing high to the 1.3365 low.
The next key resistance sits near the 1.3550 level and the 100 simple moving average (red, 4-hour). A close above the 1.3550 level could set the pace for another increase.
In the stated case, the pair could rise toward the 1.3620 resistance. The next major stop for the bulls could be near the 1.3750 resistance.
On the downside, immediate support is near the 1.3450 level. There is also a rising channel forming with support at 1.3450 on the same chart. The next key support sits near 1.3420. Any more losses could send the pair toward the 1.3365 support zone.
Looking at EUR/USD, the pair is attempting a fresh increase, and the bulls might soon aim for a move above the 1.1750 resistance.
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