GBP/USD failed to stay above 1.3000 and declined below 1.2950. EUR/GBP is currently correcting higher, but it could face hurdles near 0.8950/0.8960.
Important Takeaways for GBP/USD and EUR/GBP
The British Pound remains at a risk of more losses towards the 1.2870 level. There was a break below a key bullish trend line with support at 1.2930 on the hourly chart of GBP/USD. EUR/GBP is facing many resistances near the 0.8950 and 0.8960 levels. There is a major bearish trend line in place with resistance at 0.8970 on the hourly chart.
GBP/USD Technical Analysis
The British Pound recovered nicely this past week after forming a low near the 1.2800 level against the US Dollar. The GBP/USD pair jumped above the 1.2950 and 1.3000 level, but later it failed to hold gains and corrected lower.
The pair traded as high as 1.3027 and moved down. It broke the 1.3000 and 1.2980 support levels to enter into a bearish zone. There was also a break below the 50% Fib retracement level of the last wave from the 1.2873 low to 1.3027 high.
Read more: https://blog.fxopen.com/gbp-usd-and-eur-gbp-are-facing-key-resistances/