Key Highlights
- GBP/USD started a fresh increase above the 1.3350 resistance.
- A short-term bullish trend line is forming with support at 1.3440 on the 4-hour chart.
- EUR/USD climbed higher above 1.1620.
- Crude Oil prices declined below the $65.50 and $65.00 levels.
GBP/USD Technical Analysis
The British Pound found support near 1.3140 and started a fresh increase against the US Dollar. GBP/USD climbed above the 1.3250 and 1.3350 resistance levels.
Looking at the 4-hour chart, the pair cleared the 61.8% Fib retracement level of the downward move from the 1.3589 swing high to the 1.3139 low. The pair even settled above the 100 simple moving average (red, 4-hour) and tested the 200 simple moving average (green, 4-hour).
On the upside, the pair now faces resistance near the 1.3500 level. The next key resistance sits near the 1.3540 level. A close above the 1.3540 level could set the pace for another increase.
In the stated case, the pair could rise toward the 1.3600 resistance, above which the bulls could aim for a move toward 1.3660. On the downside, immediate support is near the 1.3440 level. There is also a short-term bullish trend line forming with support at 1.3440 on the same chart.
The next key support sits near 1.3400. Any more losses could send the pair toward the 1.3350 support zone.
Looking at EUR/USD, the pair started a recovery wave, and the bulls might soon aim for a move toward the 1.1750 level.
Upcoming Key Economic Events:
- Fed’s Goolsbee speech.
- Fed’s Bostic speech.
- EIA Crude Oil Stocks Change.