GBP/USD started a decent recovery wave above the 1.1200 resistance. GBP/JPY is also rising and might climb further higher above the 167.25 zone.
Important Takeaways for GBP/USD and GBP/JPY
· The British Pound started a fresh upward move above the 1.1200 resistance against the US Dollar.
· There is a key bullish trend line forming with support near 1.1210 on the hourly chart of GBP/USD.
· GBP/JPY gained pace after it was able to clear the 164.00 resistance zone.
· There is a major bullish trend line forming with support at 166.85 on the hourly chart.
GBP/USD Technical Analysis
This past week, the British Pound found support near the 1.0950 zone against the US Dollar. The GBP/USD pair formed a base and started a steady recovery wave above the 1.1120 level.
There was a clear move above the 1.1200 resistance and the 50 hourly simple moving average. The pair even traded above the 1.1320 level. A high was formed near 1.1380 and recently started a downside correction.
There was a move below the 1.1320 support zone. The pair declined below the 1.1250, but the bulls were active near 1.1150. A low is formed near 1.1152 and the pair is now rising.
There was a move above the 1.1200 level. The pair climbed above the 23.6% Fib retracement level of the recent decline from the 1.1380 swing high to 1.1150 level. An immediate resistance on the upside is near the 1.1265 level.
It is near the 50% Fib retracement level of the recent decline from the 1.1380 swing high to 1.1150 level. The next major resistance is near the 1.1320 level, above which the pair could start a steady increase towards 1.1380.
An upside break above 1.1380 might start a fresh increase towards 1.1450. Any more gains might call for a move towards 1.1500 or even 1.1550.
An immediate support is near the 1.1220. There is also a key bullish trend line forming with support near 1.1210 on the hourly chart of GBP/USD. The next major support is near the 1.1150 level. If there is a break below the 1.1150 support, the pair could test the 1.0050 support. Any more losses might send GBP/USD towards 1.0000.
GBP/JPY Technical Analysis
The British Pound also started a fresh increase from the 160.00 zone against the Japanese Yen. The GBP/JPY pair gained pace above the 162.00 and 163.00 levels.
There was a clear move above the 164.00 level and the 50 hourly simple moving average. The pair even climbed above the 165.50 level. The pair traded as high as 167.28 and is currently consolidating gains.
An immediate resistance on the upside is near the 167.25 zone. The next key resistance could be 167.50. A clear break above the 167.50 resistance could push the pair towards the 168.80 resistance. If not, the pair could start a downside correction below the 164.80 level.
There is also a major bullish trend line forming with support at 166.85 on the hourly chart. On the downside, an initial support is near the 166.85 level. The next major support is near the 165.50. If there is a downside break below the 165.50 support, the pair could decline towards the 164.00 support zone. Any more losses might send the pair towards the 162.50 level in the near term.
This forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as financial advice.
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