Market Analysis: GBP/USD Rockets Higher While EUR/GBP Slips
GBP/USD is gaining pace above the 1.3220 resistance. EUR/GBP declined and is now consolidating losses above the 0.8500 region.
Important Takeaways for GBP/USD and EUR/GBP Analysis Today
- The British Pound is attempting a fresh increase above 1.3220.
- There is a key bullish trend line forming with support near 1.3245 on the hourly chart of GBP/USD at FXOpen.
- EUR/GBP is trading in a bearish zone below the 0.8630 pivot level.
- There is a connecting bearish trend line forming with resistance near 0.8570 on the hourly chart at FXOpen.
GBP/USD Technical Analysis
On the hourly chart of GBP/USD at FXOpen, the pair remained well-bid above the 1.2850 level. The British Pound started a decent increase above the 1.3000 zone against the US Dollar.
The bulls were able to push the pair above the 50-hour simple moving average and 1.3150. The pair even climbed above 1.3200 and traded as high as 1.3263. It is now consolidating gains and trading well above the 23.6% Fib retracement level of the upward move from the 1.3030 swing low to the 1.3263 high.
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