GBP/USD started a wave of recovery from a new low at 1.0341 and rose above 1.1000. EUR/GBP is now facing major resistance around 0.8870.
Takeaway for GBP/USD and EUR/GBP
· The British pound started a new wave of recovery above the 1.0920 resistance zone against the US dollar.
· There was a break above a pair of bearish trend lines at 1.0700 and 1.0800 on the GBP/USD hourly chart.
· 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 area 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 rally above the 1.0920 level and the 50-hour simple moving average. The pair even rose above the 1.1100 level. During the rally, there was a break above a pair of bearish trend lines at 1.0700 and 1.0800 on the hourly chart of GBP/USD…More info: blog FXOpen