Market Analysis: GBP/USD Recovers While EUR/GBP Eyes Gains
GBP/USD is attempting a fresh increase from the 1.3090 zone. EUR/GBP is gaining pace and might extend its upward move above the 0.8440 zone.
Important Takeaways for GBP/USD and EUR/GBP Analysis Today
- The British Pound is attempting a recovery above the 1.3130 zone against the US Dollar.
- There was a break above a key bearish trend line with resistance at 1.3120 on the hourly chart of GBP/USD at FXOpen.
- EUR/GBP started a fresh increase above the 0.8420 resistance zone.
- There is a major rising channel forming with support near 0.8425 on the hourly chart at FXOpen.
GBP/USD Technical Analysis
On the hourly chart of GBP/USD at FXOpen, the pair started a fresh decline from the 1.3265 zone. The British Pound traded below the 1.3200 zone against the US Dollar.
A low was formed near 1.3090 and the pair is now attempting a recovery wave. There was a break above the 23.6% Fib retracement level of the downward move from the 1.3266 swing high to the 1.3088 low.
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