GBP/USD and GBP/JPY Reverse Gains, Bulls Struggle
Updated
GBP/USD started a fresh decline from the 1.2600 resistance zone. GBP/JPY is declining and remains at a risk of more losses below 165.00.
Important Takeaways for GBP/USD and GBP/JPY
· The British Pound started a fresh decline after it failed near 1.2600 against the US Dollar.
· There was a break below a declining channel with support near 1.2465 on the hourly chart of GBP/USD.
· GBP/JPY is gaining bearish momentum below the key 166.50 support zone.
· There was a break below a major bullish trend line with support near 167.35 on the hourly chart.
GBP/USD Technical Analysis
This past week, the British Pound attempted an upside break above the 1.2600 resistance against the US Dollar. The GBP/USD pair failed to gain bullish momentum and started a fresh decline from the 1.2580 zone.
There was a sharp decline below the 1.2500 support and the 50 hourly simple moving average. Besides, there was a break below a declining channel with support near 1.2465 on the hourly chart of GBP/USD. The bears gained strength and the price declined below the 1.2350 support zone.
A low is formed near 1.2262 on FXOpen and the pair is now consolidating losses. On the upside, the pair is facing resistance near the 1.2300 level. The next major hurdle is near the 1.2320 level. It is close to the 23.6% Fib retracement level of the downward move from the 1.2517 swing high to 1.2262 low.
An upside break above 1.2320 could set the pace for a move towards the 1.2400 resistance zone. It is near the 50% Fib retracement level of the downward move from the 1.2517 swing high to 1.2262 low.
If there is no upside break above 1.2320, the pair could start a fresh decline. An immediate support is near the 1.2260. The next major support is near the 1.2220 level. If there is a break below the 1.2220 support, the pair could test the 1.2150 support.
Important Takeaways for GBP/USD and GBP/JPY
· The British Pound started a fresh decline after it failed near 1.2600 against the US Dollar.
· There was a break below a declining channel with support near 1.2465 on the hourly chart of GBP/USD.
· GBP/JPY is gaining bearish momentum below the key 166.50 support zone.
· There was a break below a major bullish trend line with support near 167.35 on the hourly chart.
GBP/USD Technical Analysis
This past week, the British Pound attempted an upside break above the 1.2600 resistance against the US Dollar. The GBP/USD pair failed to gain bullish momentum and started a fresh decline from the 1.2580 zone.
There was a sharp decline below the 1.2500 support and the 50 hourly simple moving average. Besides, there was a break below a declining channel with support near 1.2465 on the hourly chart of GBP/USD. The bears gained strength and the price declined below the 1.2350 support zone.
A low is formed near 1.2262 on FXOpen and the pair is now consolidating losses. On the upside, the pair is facing resistance near the 1.2300 level. The next major hurdle is near the 1.2320 level. It is close to the 23.6% Fib retracement level of the downward move from the 1.2517 swing high to 1.2262 low.
An upside break above 1.2320 could set the pace for a move towards the 1.2400 resistance zone. It is near the 50% Fib retracement level of the downward move from the 1.2517 swing high to 1.2262 low.
If there is no upside break above 1.2320, the pair could start a fresh decline. An immediate support is near the 1.2260. The next major support is near the 1.2220 level. If there is a break below the 1.2220 support, the pair could test the 1.2150 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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