GBP/USD is showing bullish signs above the 1.3180 zone. EUR/GBP is gaining pace and might extend its upward move above 0.8800.
Important Takeaways for GBP/USD and EUR/GBP Analysis Today
- The British Pound is gaining pace above 1.3200 against the US Dollar.
- There is a declining channel forming with support at 1.3180 on the hourly chart of GBP/USD at FXOpen.
- EUR/GBP started a fresh increase above 0.8765 and 0.8775.
- There is a major bearish trend line forming with resistance at 0.8800 on the hourly chart at FXOpen.
GBP/USD Technical Analysis
On the hourly chart of GBP/USD at FXOpen, the pair remained in a positive zone above 1.3080. The British Pound formed a base and started a fresh increase against the US Dollar, as mentioned in the previous analysis.
The pair gained pace for a move above 1.3130 and 1.3180. The pair even settled above 1.3200 and the 50-hour simple moving average. A high was formed at 1.3275 before there was a downside correction.
The pair dipped below the 23.6% Fib retracement level of the upward move from the 1.3038 swing low to the 1.3275 high. However, the bulls are active above 1.3180. There is also a declining channel forming with support at 1.3180.
On the upside, the GBP/USD chart indicates that the pair is facing resistance near 1.3250. The next key hurdle sits at 1.3275. If the RSI moves above 70 and the pair climbs above 1.3275, there could be another rally. In the stated case, the pair could rise toward 1.3350 or even 1.3400.
On the downside, there is a major support forming near 1.3180. If there is a downside break below 1.3180, the pair could accelerate lower. The next area of interest might be 1.3130, below which the pair could test 1.3080. Any more losses could lead the pair toward 1.3035.
EUR/GBP Technical Analysis
On the hourly chart of EUR/GBP at FXOpen, the pair started a fresh increase from 0.8745. The Euro traded above 0.8765 to move into a positive zone against the British Pound.
The EUR/GBP chart suggests that the pair settled above the 50-hour simple moving average and 0.8780. There was a clear move above the 61.8% Fib retracement level of the downward move from the 0.8818 swing high to the 0.8745 high.
Immediate resistance is near 0.8800 and a bearish trend line. The next breakout zone sits near the 0.8815 level. A close above 0.8815 might accelerate gains. In the stated case, the bulls may perhaps aim for a test of 0.8830.
Any more gains might send the pair toward 0.8850 in the coming days. Immediate support sits near the 50-hour simple moving average at 0.8790.
The next hurdle for the bears might be 0.8765. A downside break below 0.8765 might call for more downsides. In the stated case, the pair could drop toward 0.8745. Any more losses might send the pair to 0.8720.
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