GBP/USD is showing positive signs above 1.3520. EUR/GBP declined and is now consolidating losses below 0.8660.
Important Takeaways for GBP/USD and EUR/GBP Analysis Today
- The British Pound is attempting a fresh increase above 1.3520.
- There is a key bullish trend line forming with support near 1.3555 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 major declining channel forming with resistance near 0.8655 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 1.3495. The British Pound started a decent increase above 1.3530 against the US Dollar.
The bulls were able to push the pair above the 50-hour simple moving average and 1.3550. The pair even climbed above 1.3580 and traded as high as 1.3582. Recently, there was a pullback below 1.3555 and the 50% Fib retracement level of the upward move from the 1.3495 swing low to the 1.3582 high.
However, the bulls were active near the 1.3530 support since it coincides with the 61.8% Fib retracement. The pair is again rising above 1.3555. There is also a key bullish trend line forming with support near 1.3555.
On the upside, the GBP/USD chart indicates that the pair is facing resistance near 1.3580. The next hurdle for the bulls could be 1.3590. A close above 1.3590 could open the doors for a move toward 1.3640. Any more gains might send GBP/USD toward 1.3700.
On the downside, the bulls might remain active near the same trend line at 1.3555. If there is a downside break below 1.3555, the pair could accelerate lower.
The first major support is at 1.3530, below which the pair could test 1.3495. The next key area for the bulls could be 1.3475, below which the pair could test 1.3440. Any more losses could lead toward 1.3420.
EUR/GBP Technical Analysis
On the hourly chart of EUR/GBP at FXOpen, the pair started a steady decline from well above 0.8680. It even declined below 0.8650 and the 50-hour simple moving average. A low was formed at 0.8629 and the pair is now consolidating losses. There was a move above 0.8640 and the 23.6% Fib retracement level of the downward move from the 0.8684 swing high to the 0.8629 low.
The pair is now facing resistance near a declining channel at 0.8655 and the 50% Fib retracement. The next major barrier for the bulls could be 0.8662.
A close above 0.8662 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 0.8640. The first key zone is at 0.8620. A downside break below 0.8620 might call for more downsides. In the stated case, the pair could drop toward 0.8580.
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