GBP/USD and GBP/JPY Could Rise Steadily
Updated
GBP/USD started a fresh increase above the 1.2400 resistance zone. GBP/JPY is consolidating and might rise steadily above the 160.50 resistance zone.
Important Takeaways for GBP/USD and GBP/JPY
· The British Pound started a fresh increase above the 1.2420 resistance against the US Dollar.
· There is a key bullish trend line forming with support near 1.2465 on the hourly chart of GBP/USD.
· GBP/JPY is showing positive signs above the 158.50 and 159.00 support levels.
· There is a major bullish trend line forming with support near 159.20 on the hourly chart.
GBP/USD Technical Analysis
This past week, the British Pound formed a base above the 1.2150 level against the US Dollar. The GBP/USD pair started a steady increase above the 1.2200 and 1.2320 resistance levels.
There was also a clear move above the 1.2450 resistance and the 50 hourly simple moving average. The recent price action was bullish, and the pair even climbed above the 1.236 Fib extension level of the downward move from the 1.2500 swing high to 1.2329 low.
It is now consolidating above the 1.2500 level. On the upside, the pair is facing resistance near the 1.2550 level. The next major hurdle is near the 1.2600 level.
The 1.618 Fib extension level of the downward move from the 1.2500 swing high to 1.2329 low is also near the 1.2600 zone. An upside break above 1.2600 could set the pace for a move towards the 1.2720 resistance zone.
If there is no upside break above 1.2600, the pair could start a fresh decline. An immediate support is near the 1.2500. The next major support is near the 1.2450 level.
There is also a key bullish trend line forming with support near 1.2465 on the hourly chart of GBP/USD. If there is a break below the 1.2450 support, the pair could test the 1.2320 support.
Important Takeaways for GBP/USD and GBP/JPY
· The British Pound started a fresh increase above the 1.2420 resistance against the US Dollar.
· There is a key bullish trend line forming with support near 1.2465 on the hourly chart of GBP/USD.
· GBP/JPY is showing positive signs above the 158.50 and 159.00 support levels.
· There is a major bullish trend line forming with support near 159.20 on the hourly chart.
GBP/USD Technical Analysis
This past week, the British Pound formed a base above the 1.2150 level against the US Dollar. The GBP/USD pair started a steady increase above the 1.2200 and 1.2320 resistance levels.
There was also a clear move above the 1.2450 resistance and the 50 hourly simple moving average. The recent price action was bullish, and the pair even climbed above the 1.236 Fib extension level of the downward move from the 1.2500 swing high to 1.2329 low.
It is now consolidating above the 1.2500 level. On the upside, the pair is facing resistance near the 1.2550 level. The next major hurdle is near the 1.2600 level.
The 1.618 Fib extension level of the downward move from the 1.2500 swing high to 1.2329 low is also near the 1.2600 zone. An upside break above 1.2600 could set the pace for a move towards the 1.2720 resistance zone.
If there is no upside break above 1.2600, the pair could start a fresh decline. An immediate support is near the 1.2500. The next major support is near the 1.2450 level.
There is also a key bullish trend line forming with support near 1.2465 on the hourly chart of GBP/USD. If there is a break below the 1.2450 support, the pair could test the 1.2320 support.
Note
Disclaimer: 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.
Disclaimer
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