Technical Update - GBPUSD on the move to 1.30. EURGBP hovering around key support Technical Update - GBPUSD on the move to 1.30. EURGBP hovering around key support Technical Update - GBPUSD on the move to 1.30. EURGBP hovering around key support

Technical Update - GBPUSD on the move to 1.30. EURGBP hovering around key support

Forex 2 minutes to read
Kim Cramer Larsson

Technical Analyst, Saxo Bank

Summary:  GBPUSD broken above key resistance pushing higher towards 1.30
EURGBP hovering around key support but seem destined to trade lower towards 0.84.

GBPUSD broke yesterday above key resistance at around 1.2667 shooting higher to the 1.382 projection at 1.2822 and the 200 weekly Moving Average.

Daily and Weekly RSI is positive with no divergence strongly indicating GBPUSD to move higher.
Next key level is 0.786 retracement of the 2022 sell-off and resistance at around 1.3027.
That level is also 2.0 projection of the recent correction.

A close above 1.3030 is likely to push GBPUSD higher towards 2022 peak level around 1.3750

To reverse the uptrend in GBPUSD short and medium-term a close below 1.23 is needed.

Source all charts and data: Saxo Group

EURGBP trend is down but a lot of fighting has been going on between Bulls and Bears around the 0.8550 support.
If we see another daily close below 0.8550 EURGBP is likely to be pushed lower towards the 0.8415 support.

Trend is down on both short-and medium-term supported by negative RSI.

To reverse the short-term downtrend a close above 0.8635 is needed but to reverse the medium-term downtrend a close above 0.8875 is needed.


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