Technical Analyst, Saxo Bank
A close above 1.2293 and GBPUSD has confirmed bullish medium-term uptrend on weekly time period. If weekly RSI closes above 60 threshold it will have further confirmed the uptrend where next level likely to be reached is the 0.618 retracement of the 2021 peak to trough this September at 1.2745.
To reverse this bullish picture for GBPUSD a close below 1.1330 is needed. First indication of this to unfold wis likely to be a close back below support at 1.1760
EURGBP was rejected at the 0.382 retracement at 0.8835 failing to even test key resistance at 0.8867 and is now likely to test support at 0.8566. A close below is likely to fuel further selling down to around 0.84-0.8340.
To reverse this scenario EURGBP must close above 0.8828
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