GBP/USD has started a fresh decline from the 1.2860 resistance zone, indicating bearish signs below the 1.2800 support level. On the hourly chart of GBP/USD at FXOpen, there is a key bearish trend line forming with resistance near 1.2750. The pair failed to stay above the 1.2860 pivot level and moved below 1.2820 against the US Dollar. The bears pushed the pair below 1.2750, with a low near 1.2673 before consolidating losses.
In terms of technical analysis, GBP/USD is facing resistance near the 50-hour simple moving average at 1.2735, with the next major resistance at a bearish trend line at 1.2750. On the downside, a key support is forming near 1.2680, with potential further support at 1.2620 and 1.2585 if the pair continues to decline. Any gains might send GBP/USD towards 1.2800 and 1.2840.
On the other hand, EUR/GBP is gaining momentum and trading above the 0.8500 zone. The pair started an increase from the 0.8415 zone, entering a positive zone against the British Pound. EUR/GBP settled above the 50-hour simple moving average and 0.8515, trading as high as 0.8618 before a downside correction. The pair is stable above 0.8550, with a short-term contracting triangle forming with support near 0.8570.
In terms of technical analysis for EUR/GBP, the pair is facing resistance near the 0.8620 zone, with the potential for further gains towards 0.8650 and 0.8685 if the bulls maintain control. However, a downside break below the 0.8515 support level could lead to more losses, with potential support at 0.8465 and 0.8415.
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