GBP/USD started a recovery wave from a new low at 1.0341 and climbed above 1.1000. EUR/GBP is now facing a major resistance near 0.8870.
Important Takeaways for GBP/USD and EUR/GBP
· The British Pound started a fresh recovery wave above the 1.0920 resistance zone against the US Dollar.
· There was a break above a couple of bearish trend lines at 1.0700 and 1.0800 on the hourly chart of GBP/USD.
· EUR/GBP started a sharp decline and traded below the 0.8900 level.
· There is a major bearish trend line forming with resistance near 0.8830 on the hourly chart.
GBP/USD Technical Analysis
The British Pound found support near the 1.0340 zone against the US Dollar. The GBP/USD pair started a recovery wave and was able to clear the 1.0650 resistance zone.
There was a decent increase above the 1.0920 level and the 50 hourly simple moving average. The pair even climbed above the 1.1100 level. During the increase, there was a break above a couple of bearish trend lines at 1.0700 and 1.0800 on the hourly chart of GBP/USD…More info: blog FXOpen
