Reply to thread

Message: [QUOTE="Resolve, post: 197758, member: 29339"] [B]GBP/USD and GBP/JPY: British Pound Could Gain Strength[/B] [IMG]https://i.postimg.cc/PxVDBKHm/gbp-1.jpg[/IMG] [B][I]GBP/USD started a fresh increase after a drop to 1.3580. Similarly, GBP/JPY started a decent increase and it broke the 151.00 resistance zone.[/I] Important Takeaways for GBP/USD and GBP/JPY[/B] [LIST] [*] [*]The British Pound traded as low as 1.3571 before climbing higher against the US Dollar. [*]There was a break above a major bearish trend line with resistance near 1.3700 on the hourly chart of GBP/USD. [*]GBP/JPY also climbed higher above the 150.00 and 151.00 resistance levels. [*]There was a break above a key bearish trend line with resistance near 150.15 on the hourly chart. [/LIST] [B]GBP/USD Technical Analysis[/B] This past week, there was a strong decline in the British Pound below the 1.3800 level against the US Dollar. The GBP/USD pair even broke the 1.3700 and 1.3650 support levels. It traded as low as 1.3571 on FXOpen before it started a fresh increase. There was a steady upward move above the 1.3650 resistance level. The price surpassed the 1.3680 resistance level and the 50 hourly simple moving average. [IMG]https://i.postimg.cc/sxth2Xvx/gbpusd-chart-2.png[/IMG] There was also a break above a major bearish trend line with resistance near 1.3700 on the hourly chart of GBP/USD. The pair is now trading nicely above the 1.3750 level. It traded as high as 1.3798 before correcting lower. There was a break below the 1.3760 level. The pair tested the 23.6% Fib retracement level of the recent increase from the 1.3571 low to 1.3798 high. It is now trading inside a contracting triangle with resistance near 1.3760. A clear break above the triangle resistance could set the pace for a larger increase above 1.3780. The next key resistance is near 1.3800, above which the pair could rise towards the 1.3880 level. On the downside, an initial support is near the 1.3735 level and the 50 hourly SMA. If there is a break below the 1.3735 support, the pair could test the 1.3700 support. If there are additional losses, the pair could decline towards the 1.3650 level. [B]Read Full on FXOpen Company Blog...[/B] [/QUOTE]

Verification

Top Bottom