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Technical Analysis
Daily Market Analysis By FXOpen
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[QUOTE="Resolve, post: 216509, member: 29339"] [B][SIZE=5]GBP/USD and GBP/JPY Aims Higher[/SIZE][/B] [img]https://i.postimg.cc/YS0SvpDy/gbp.jpg[/img] [I]GBP/USD is gaining pace above the 1.2100 zone. GBP/JPY is also rising and might gain pace if it clears the 160.20 resistance zone.[/I] [B]Important Takeaways for GBP/USD and GBP/JPY[/B] [LIST] [*] The British Pound is showing positive signs above 1.2000 against the US Dollar. [*] There was a break above a major bearish trend line with resistance near 1.2065 on the hourly chart of GBP/USD. [*] GBP/JPY started a fresh increase above the 158.50 resistance zone. [*] There is a key contracting triangle is forming with resistance near 160.00 on the hourly chart. [/LIST] [B][SIZE=5]GBP/USD Technical Analysis[/SIZE][/B] This past week, the British Pound found support near the 1.1840 zone against the US Dollar. The GBP/USD pair formed a base and started a steady recovery wave above the 1.2000 level. There was a clear move above the 1.2050 resistance and the 50 hourly simple moving average. During the increase, there was a break above a major bearish trend line with resistance near 1.2065 on the hourly chart of GBP/USD. [B]GBP/USD Hourly Chart[/B] [img]https://i.postimg.cc/7LRZ7ppP/gbpx.jpg[/img] The pair even cleared the 1.2100 resistance. A high is formed near 1.2136 on FXOpen and the pair started a consolidation phase. An immediate resistance on the upside is near the 1.2140 level. The next major resistance is near the 1.2200 level, above which the pair could start a steady increase towards 1.2250. An upside break above 1.2250 might start a fresh increase towards 1.2320. Any more gains might call for a move towards 1.2400 or even 1.2500. An immediate support is near the 1.2080. The next major support is near the 1.2065 level. It is near the 23.6% Fib retracement level of the upward move from the 1.1841 swing low to 1.2136 high. If there is a break below the 1.2065 support, the pair could test the 1.2050 support. It is near the 50% Fib retracement level of the upward move from the 1.1841 swing low to 1.2136 high. Any more losses might send GBP/USD towards 1.1820. [B]VIEW FULL ANALYSIS VISIT - FXOpen Blog...[/B] [I][B]Disclaimer:[/B] This forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as financial advice.[/I] [/QUOTE]
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