GBP/USD and EUR/GBP: British Pound Signaling More Upsides

FXOpen

GBP/USD started a strong increase above the 1.2560 resistance and climbed above 1.2620. EUR/GBP declined steadily and it is now facing hurdles near 0.8965.

Important Takeaways for GBP/USD and EUR/GBP

  • The British Pound gained bullish momentum above the 1.2560 and 1.2600 levels.
  • There is a key bullish trend line forming with support near 1.2625 on the hourly chart of GBP/USD.
  • EUR/GBP started a major downward move below the 0.9000 support zone.
  • There are two bearish trend lines forming with resistance near 0.8965 on the hourly chart.

GBP/USD Technical Analysis

In the past few days, the British Pound followed a bullish path above the 1.2560 resistance level against the US Dollar. The GBP/USD pair remained in a nice uptrend and climbed above the 1.2600 pivot level.

Finally, the pair surpassed the 1.2620 resistance and settled nicely above the 50 hourly simple moving average. It traded as high as 1.2665 on FXOpen and recent corrected lower.

GBP/USD Technical Analysis Pound US Dollar

There was a downside correction below the 1.2640 and 1.2620 levels. The pair even spiked below 1.2600 and the 50 hourly simple moving average. It found support near the 1.2566 level and it is currently rising.

On the downside, there is a decent support forming near the 1.2625 level, and the 38.2% Fib retracement level of the recent wave from the 1.2566 low to 1.2663 high.

It seems like there is a key bullish trend line forming with support near 1.2625 on the hourly chart of GBP/USD. The trend line is close to the 50% Fib retracement level of the recent wave from the 1.2566 low to 1.2663 high.

If there is a downside break below the trend line support and 1.2620, the pair could start a fresh decline towards the 1.2580 and 1.2560 levels. Conversely, it is likely to surpass the 1.2660 and 1.2680 resistance levels. The next major resistance on the upside is near the 1.2720 level.

EUR/GBP Technical Analysis

The Euro failed to gain momentum above the 0.9050 level and started a fresh decline against the British Pound. The EUR/GBP pair broke the key 0.9000 support area to move into a bearish zone.

The pair even broke the 0.8980 level and settled below the 50 hourly simple moving average. It traded as low as 0.8937 and it is currently consolidating losses. An initial resistance on the upside is seen near the 0.8955 level.

EUR/GBP Technical Analysis Euro Pound

The 23.6% Fib retracement level of the recent decline from the 0.9010 high to 0.8937 low is also near 0.8955. More importantly, there are two bearish trend lines forming with resistance near 0.8965 on the hourly chart.

The 50 hourly simple moving average is also near the trend line resistance at 0.8960. Above the trend lines, the next resistance could be 0.8975 or the 50% Fib retracement level of the recent decline from the 0.9010 high to 0.8937 low.

To move into a positive zone, the pair must gain pace above the 0.8965 and 0.8975 resistance levels. The main resistance is now near 0.9000, above which EUR/GBP might move into a positive zone.

Conversely, the pair could continue to decline below the 0.8940 and 0.8930 levels. The next major support is near the 0.8900 level, where the bulls might take a stand.

Trade over 50 forex markets 24 hours a day with FXOpen. Take advantage of low commissions, deep liquidity, and spreads from 0.0 pips. Open your FXOpen account now or learn more about trading forex with FXOpen.

This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Latest from Forex Analysis

Market Analysis: GBP/USD Dives While USD/CAD Gains Bullish Pace The US Currency Corrects After Recent Growth USD/JPY Price Analysis: Consolidation ahead of US News GBP/USD Price Falls to 1.26 after Bank of England Decision Market Analysis: AUD/USD and NZD/USD Signal More Losses

Latest articles

What Is a Megaphone Pattern and How Can You Trade It?
Trader’s Tools

What Is a Megaphone Pattern and How Can You Trade It?

Chart patterns have been used to analyse financial markets for a long time. One popular formation in forex and other markets is the Megaphone. In this text by FXOpen, we'll explain what the setup is and how to trade using

Indices

NIKKEI-225 Analysis Indicates Possibility of Correction from Historically High Levels

On March 21, the value of the Japanese stock index reached a historical maximum, exceeding the level of 41,100 points. This was facilitated by:

→ Weak yen supporting exporters. It increases the value of profits earned abroad for a large

Forex Analysis

Market Analysis: GBP/USD Dives While USD/CAD Gains Bullish Pace

GBP/USD declined below the 1.2665 support zone. USD/CAD is rising and might aim for more gains above the 1.3610 resistance.

Important Takeaways for GBP/USD and USD/CAD Analysis Today

· The British Pound started a fresh

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 65.68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.