GBP/USD is showing strength above 1.3450 and 1.3500. EUR/GBP declined and is now consolidating losses above 0.8600.
Important Takeaways for GBP/USD and EUR/GBP Analysis Today
- The British Pound is attempting a fresh increase above 1.3500.
- There is a key bullish trend line forming with support near 1.3550 on the hourly chart of GBP/USD at FXOpen.
- EUR/GBP is trading in a bearish zone below the 0.8650 pivot level.
- There is a connecting bearish trend line forming with resistance near 0.8635 on the hourly chart at FXOpen.
GBP/USD Technical Analysis
On the hourly chart of GBP/USD at FXOpen, the pair remained well-bid above 1.3400. The British Pound started a decent increase above 1.3475 against the US Dollar.
The bulls were able to push the pair above the 50-hour simple moving average and 1.3500. The pair even climbed above 1.3550 and traded as high as 1.3594. Recently, there was a pullback below 1.3575 and the 23.6% Fib retracement level of the upward move from the 1.3399 swing low to the 1.3594 high.
However, the bulls were active near the 1.3520 support. The pair is again rising above 1.3540. There is also a key bullish trend line forming with support near 1.3550.
On the upside, the GBP/USD chart indicates that the pair is facing resistance near 1.3575. The next hurdle for the bulls could be 1.3595. A close above 1.3595 could open the doors for a move toward 1.3640.
Any more gains might send GBP/USD toward 1.3720. On the downside, the bulls might remain active near the same trend line at 1.3550. If there is a downside break below 1.3550, the pair could accelerate lower.
The first major support is at 1.3520, below which the pair could test the 50% Fib retracement at 1.3495. The next key area for the bulls could be 1.3475, below which the pair could test 1.3445. Any more losses could lead it toward 1.3400.
EUR/GBP Technical Analysis
On the hourly chart of EUR/GBP at FXOpen, the pair started a steady decline from well above 0.8700. The Euro traded below 0.8650 against the British Pound.
The EUR/GBP chart shows that the pair even declined below 0.8620 and the 50-hour simple moving average. A low was formed at 0.8596 and the pair is now consolidating losses. There was a move above 0.8620 and the 23.6% Fib retracement level of the downward move from the 0.8743 swing high to the 0.8596 low.
The pair is now facing resistance near a connecting bearish trend line at 0.8635. The next major barrier for the bulls could be the 50% Fib retracement at 0.8670.
A close above 0.8670 might accelerate gains. In the stated case, the bulls may perhaps aim for a test of 0.8685. Any more gains might send the pair toward the 0.8740 pivot.
Immediate support sits near 0.8620. The first key zone sits at 0.8595. A downside break below 0.8595 might call for more downsides. In the stated case, the pair could drop toward 0.8550.
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