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Technical Analysis
Daily Market Analysis By FXOpen
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[QUOTE="Resolve, post: 198738, member: 29339"] [B]GBP/USD and EUR/GBP Eye Key Upside Break[/B] [IMG]https://i.postimg.cc/zvWFb6td/GBPUSD-Cable.jpg[/IMG] [B][I]GBP/USD started a steady increase above the 1.3700 resistance. EUR/GBP is consolidating gains above the 0.8550 support zone.[/I] Important Takeaways for GBP/USD and EUR/GBP[/B] [LIST] [*] [*]The British Pound gained pace above the 1.3680 and 1.3700 resistance levels. [*]There was a break above a key bearish trend line with resistance near 1.3720 on the hourly chart of GBP/USD. [*]EUR/GBP started a decent increase and it settled above the 0.8550 pivot level. [*]There is a major bullish trend line forming with support near 0.8565 on the hourly chart. [/LIST] [B]GBP/USD Technical Analysis[/B] [IMG]https://i.postimg.cc/15hHhRXb/GBPUSD-Chart.png[/IMG] The British Pound formed a base above the 1.3620 zone against the US Dollar. As a result, the GBP/USD pair started a steady increase above the 1.3680 resistance zone. The pair even broke the 1.3700 resistance and it settled above the 50 hourly simple moving average. There was also a break above a key bearish trend line with resistance near 1.3720 on the hourly chart of GBP/USD. The pair is now struggling to clear the 1.3900 resistance barrier. A high is formed near 1.3780 level on FXOpen and the pair is consolidating gains. There was a dip to the 23.6% Fib retracement level of the upward move from the 1.3679 swing low to 1.3780 high. The first key support is near the 1.3730 level and the 50 hourly simple moving average. It is close to the 50% Fib retracement level of the upward move from the 1.3679 swing low to 1.3780 high. Any more losses could lead the pair towards the 1.3680 support zone. On the upside, an immediate resistance is near the 1.3780 level. The main resistance is near the 1.3800 zone. Therefore, a proper break above the 1.3900 resistance could open the doors for a steady increase. The next major resistance for the bulls could be 1.4000. An intermediate resistance is seen near the 1.3950 level. [B]Read Full on FXOpen Company Blog...[/B] [/QUOTE]
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