Re: Technical Analysis by FXOpen
GBP/USD and EUR/GBP: British Pound In Corrective Decrease
GBP/USD started a downside correction after it tested the main 1.3000 resistance area. EUR/GBP is climbing higher, but it is facing a strong resistance near the 0.8670 level.
GBP/USD Technical Analysis
The British Pound rallied this past week above the 1.2900 resistance area against the US Dollar. The GBP/USD pair even climbed above the 1.2950 and 1.3000 resistance levels.
However, the pair failed to retain gains above 1.3000 and later started a downside correction. There was a break below the 1.2950 and 1.2920 support levels. Moreover, there was a close below 1.2900 and the 50 hourly simple moving average.