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Technical Analysis
Daily Market Analysis By FXOpen
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[QUOTE="Resolve, post: 196360, member: 29339"] [B]GBP/USD and GBP/JPY: British Pound Eyes Fresh Increase[/B] [IMG]https://i.postimg.cc/2yRNyft1/GBPUSD-Cable-Sterling.jpg[/IMG] [B][I]GBP/USD is trading nicely above the main 1.4080 support zone. GBP/JPY is recovering and it could rally if there is a clear break above the 155.00 resistance zone.[/I] Important Takeaways for GBP/USD and GBP/JPY[/B] [LIST] [*] [*]The British Pound is trading in a range above the 1.4080 support against the US Dollar. [*]There is a key bullish trend line forming with support near 1.4100 on the hourly chart of GBP/USD. [*]GBP/JPY is showing a few positive signs above the 154.50 support zone. [*]There is a major bearish trend line forming with resistance near 155.00 on the hourly chart. [/LIST] [B]GBP/USD Technical Analysis[/B] In the past few sessions, the British Pound mostly traded in a range below the 1.4200 resistance zone against the US Dollar. The GBP/USD pair declined recently after it failed to settle above 1.4180. There was break below the 1.4150 support level and the 50 hourly simple moving average. The pair even traded below 1.4100, but it remained well bid above the 1.4080 level. A low is formed near 1.4086 on FXOpen and the pair is currently consolidating. [IMG]https://i.postimg.cc/KjPSgHXJ/gbpusd-chart-1.png[/IMG] There was a break above the 1.4100 level. The pair recovered above the 23.6% Fib retracement level of the recent decline from the 1.4184 high to 1.4086 low. On the upside, an initial resistance on the is near the 1.4135 level. It is close to the 50% Fib retracement level of the recent decline from the 1.4184 high to 1.4086 low. The next key resistance is near the 1.4150 level, above which the pair could rise towards the main 1.4200 resistance. On the downside, there is a key bullish trend line forming with support near 1.4100 on the hourly chart of GBP/USD. If there is a break below the trend line support, the pair could test the 1.4080 support. If there are additional losses, the pair could decline towards the 1.4000 level. [B]Read Full on FXOpen Company Blog...[/B] [/QUOTE]
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