GBP/USD Breaks Resistance Level, Yen Picks Up Steam

Key Take-Aways

  • GBP/USD advanced over the 1.2150 barrier level.
  • EUR/USD resistance of 1.0285 can be broken by a steady increase.
  • Below the 134.00 support area, USD/JPY fell sharply.
  • The price of crude oil is declining towards the $90 support area.

 Technical Analysis of GBP/USD

In relation to the US Dollar, the British Pound began a new wave of recovery above the 1.2050 barriers. GBP/USD increased above 1.2120 to enter a favorable area.

The pair was able to stabilize above the 1.2150 level, the 100 simple moving average (4-hour red) and the 200 simple moving average, as seen on the 4-hour chart.

More gains were possible over the 1.2200 barrier level as a result of it. The pair has even risen above the 1.2250 mark, and it appears that it may continue to surge above the 1.2300 resistance area. The pair could move higher if it can clear the next significant resistance, which is close to the 1.2350 mark.

If, on the other hand, GBP/USD is unable to rise over 1.2300, a negative correction may begin. A strong support is located close to the 1.2200 zone.

Near the 1.2170 level and a crucial bullish trend line on the 4-hours chart is the first significant support. Any more losses might push the pair closer to the 1.2050 area.

When looking at the price of crude oil, a rejection occurred in the $104 area, and the price is now declining. The main support is located close to the $90 mark.

Economic News to Trade Today

  • UK National Housing Prices for July 2022 (YoY) are expected to increase by 11.5% Versus 10.7% previous.
Amogo Solomon is a Broker-Dealer/Market Research analyst and writer in ACT Brokers with a background in Computer Science, Data Analytics, and Forex Broker Dealing. He specializes in Forex Dealing, markets Analysis, Currency research, forex fundamental and technical analysis, and Monitoring of Forex trends, Stocks, Equities, Cryptos, and Commodities. He possesses strong technical and analytical skills and is well known for his entertaining and informative analysis of the global economy, fiat currency, commodities, Stocks, Indexes, Futures, and Options markets. He held a Bachelor's degree in Computer Science and Nanodegree in Programming for Data Science Enterprise.