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Technical Analysis
Daily Market Analysis By FXOpen
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[QUOTE="Resolve, post: 194564, member: 29339"] [B]GBP/USD and GBP/JPY: British Pound Eyes Fresh Increase[/B] [IMG]https://i.postimg.cc/XNQmtShZ/gbp-1.jpg[/IMG] [I]GBP/USD found support near 1.3825 and it is now showing positive signs. GBP/JPY is stable above 149.40 and it is now facing hurdles near 150.00.[/I] [B]Important Takeaways for GBP/USD and GBP/JPY[/B] [LIST] [*] [*]The British Pound tested the 1.3825 support zone and it is now recovering against the US Dollar. [*]There was a break above a major contracting triangle with resistance near 1.3885 on the hourly chart of GBP/USD. [*]GBP/JPY is holding the main 149.40 and 149.20 support levels. [*]There was a break above a key bearish trend line with resistance near 149.65 on the hourly chart. [/LIST] [B]GBP/USD Technical Analysis[/B] This past week, the British Pound saw a steady decline below the 1.3950 support zone against the US Dollar. The GBP/USD pair even broke the 1.3880 support level. However, the pair found support near the 1.3825 zone. A low was formed near 1.3823 on FXOpen and the pair recently started a fresh increase. It broke the 1.3850 and 1.3880 resistance levels. [IMG]https://i.postimg.cc/vHKjH7Gb/gbpusd-chart-3.png[/IMG] There was also a break above a major contracting triangle with resistance near 1.3885 on the hourly chart of GBP/USD. Moreover, there was a break above the 50% Fib retracement level of the key decline from the 1.3949 swing high to 1.3823 low. The pair is now trading nicely above the 1.3750 level and the 50 hourly simple moving average. It is testing the 61.8% Fib retracement level of the key decline from the 1.3949 swing high to 1.3823 low. If there is a clear upside break above the 1.3900 and 1.3920 levels, there are chances of more upsides. In the stated case, the pair is likely to accelerate higher towards the 1.4000 resistance. If there is a fresh decline, the previous resistance near 1.3880 or the 50 hourly simple moving average might provide support. If there are additional losses, the pair could decline towards the 1.3850 level. [B]Read Full on FXOpen Company Blog...[/B] [/QUOTE]
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