GBP/USD and EUR/GBP: British Pound Could Extend Losses
GBP/USD started a fresh decline below the 1.2450 support level. EUR/GBP climbed higher above the 0.9050 resistance and it is showing signs of more upsides.
GBP/USD Technical Analysis
This past week, the British Pound climbed above the 1.2500 resistance against the US Dollar. However, the GBP/USD pair struggled to continue above the 1.2550 zone and recently started a fresh decline.
There was a break below the 1.2500 and 1.2480 support levels. The pair even broke the 1.2400 support and settled well below the 50 hourly simple moving average. It traded as low as 1.2314 on FXOpen and it is currently correcting higher.

There was a break above the 1.2340 and 1.2350 resistance levels. The pair even climbed above the 23.6% Fib retracement level of the recent drop from the 1.2464 high to 1.2314 low.
It is now approaching a couple of important hurdles near 1.2380 and 1.2400. There is also a major bearish trend line forming with resistance near 1.2380 on the hourly chart of GBP/USD. The trend line is close to the 50% Fib retracement level of the recent drop from the 1.2464 high to 1.2314 low.
The 50 hourly simple moving average is also near the 1.2400 level to act as a major hurdle. Therefore, GBP/USD might struggle to clear the 1.2400 resistance zone.
If the bulls succeed in clearing the 1.2400 barrier, the pair could recover easily towards the 1.2500 resistance. If not, there are high chances of more losses below the 1.2340 and 1.2320 levels in the near term.
See more: https://www.fxopen.blog/gbp-usd-and-...tend-losses-2/