GBP/USD started a fresh increase from the 1.3000 support zone. GBP/JPY is also rising and might gain pace above the 157.20 resistance zone.
Important Takeaways for GBP/USD and GBP/JPY
· The British Pound started a fresh increase from the 1.3000 support zone against the US Dollar.
· There is a key bullish trend line forming with support near 1.3145 on the hourly chart of GBP/USD.
· GBP/JPY also started a fresh increase after it cleared the 155.00 resistance zone.
· There is a short-term rising channel forming with support near 156.65 on the hourly chart.
GBP/USD Technical Analysis
After forming a base above the 1.3000 support zone, the British Pound found started a fresh increase against the US Dollar. The GBP/USD pair gained pace above the 1.3120 resistance zone to move into a positive zone.
There was also a break above the 1.3150 zone and the 50 hourly simple moving average. It even spiked above the 1.3200 level, but failed to continue higher. The recent high was formed near 1.3196 on FXOpen and the pair is now correcting lower.
There was a move below the 1.3175 level. The pair even traded below the 38.2% Fib retracement level of the upward move from the 1.3110 low to 1.3196 high.
It is now approaching the 1.3150 support zone. There is also a key bullish trend line forming with support near 1.3145 on the hourly chart of GBP/USD. It is near the 50% Fib retracement level of the upward move from the 1.3110 low to 1.3196 high.
The next major support is near the 1.3110 level. If there is a break below the 1.3110 support, the pair could test the 1.3050 support. If there are additional losses, the pair could decline towards the 1.3000 level.
If there is a fresh increase, the pair could test the 1.3190 level. The next major hurdle is near 1.3200, above which the pair could surge towards 1.3250 in the near term.
GBP/JPY Technical Analysis
The British Pound also started a fresh increase from well below the 153.00 level against the Japanese Yen. The GBP/JPY pair gained pace above the 154.50 level to enter a positive zone.
There was a clear move above the 155.00 level and the 50 hourly simple moving average. The pair traded as high as 157.22 and is currently correcting lower.
It is now reaching the 156.75 support level. There is also a short-term rising channel forming with support near 156.65 on the hourly chart. The next major support is near the 156.25 level. It is near the 23.6% Fib retracement level of the upward move from the 153.22 swing low to 157.22 high.
If there is a downside break below the 156.20 support, the pair could decline towards the 155.20 support zone. It is near the 50% Fib retracement level of the upward move from the 153.22 swing low to 157.22 high. Any more losses might send the pair towards the 154.40 level in the near term.
On the upside, GBP/JPY is facing resistance near the 157.00 level. The next key resistance could be 157.20. A clear break above the 157.20 resistance could push the pair towards the 158.00 resistance.
This forecast represents FXOpen Markets Limited opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Markets Limited products and services or as financial advice.
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