GBP/USD started a recovery wave and climbed above the 1.1300 resistance. EUR/GBP is trading above the 0.8650 support and might eye a fresh increase.
Important Takeaways for GBP/USD and EUR/GBP
· The British Pound started a fresh increase after it broke the 1.1250 resistance against the US Dollar.
· There was a break above a major bearish trend line at 1.1290 on the hourly chart of GBP/USD.
· EUR/GBP started a downside correction after it failed to clear the 0.8780 zone.
· There was a break below a contracting triangle with support near 0.8720 on the hourly chart.
GBP/USD Technical Analysis
The British Pound found support near the 1.1050 zone against the US Dollar. The GBP/USD pair started a recovery wave and was able to clear the 1.1150 resistance zone.
There was a decent increase above the 1.1250 level and the 50 hourly simple moving average. The pair even climbed above the 1.1300 level. During the increase, there was a break above a major bearish trend line at 1.1290 on the hourly chart of GBP/USD..More info: blog FXOpen
