GBP/USD Eyes Recovery While GBP/JPY Could Rise Further – Analytics & Forecasts – 20 February 2023
GBP/USD is attempting a recovery wave above the 1.2000 resistance. GBP/JPY could rise further unless there is a downside break below the 160.50 support.
Important Takeaways for GBP/USD and GBP/JPY
· The British Pound is slowly moving higher above 1.2000 against the US Dollar.
· There was a break above a key bearish trend line with resistance near 1.1970 on the hourly chart of GBP/USD.
· GBP/JPY started a fresh increase above the 160.00 resistance zone.
· There was a break above a key bearish trend line with resistance near 161.10 on the hourly chart.
GBP/USD Technical Analysis
This past week, the British Pound extended its decline below the 1.2000 support against the US Dollar. The GBP/USD pair even traded below the 1.1950 level and traded towards 1.1920.
The pair traded as low as 1.1912 on FXOpen and recently started a minor upside correction. There was a clear move above the 1.1950 resistance and the 50 hourly simple moving average. The pair even cleared the 23.6% Fib retracement level of the downward move from the 1.2268 swing high to 1.1915 low. …More info: blog FXOpen
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