GBP/USD began a new decline below the support zone of 1.2200. EUR/GBP is moving higher and trading above the 0.82920 support zone.
What are the most important points for GBP/USD & EUR/GBP?
· The British Pound started a fresh decline from the 1.2150 resistance against the US Dollar.
· There is a major bearish trend line forming with resistance near 1.2000 on the hourly chart of GBP/USD.
· EUR/GBP found support near 0.8780 and is currently recovering higher.
· There is a key bullish trend line forming with support near 0.8805 on the hourly chart.
GBP/USD Technical Analysis
The British Pound experienced a sharp decline at the 1.2150 resistance level against the US Dollar. The GBP/USD pair moved into a bearish zone after it fell below the 1.2050 mark.
Clear movement below the 1.2000 level, and the 50 hourly simple moving mean was evident. FXOpen also shows that the bears pumped the price down to the 1.1950 level. A low was formed at 1.1928. It is consolidating losses now and trading below 1.2000.
Surprisingly, the initial resistance is at the 1.1985 level. It is at the 50% Fib level of the downward movement from the 1.2041 swing low to 1.1928 high.
The 1.2000 level is the first major resistance. There…
