GBP Price Action Ideas: GBP/USD, GBP/JPY and EUR/GBP
The GBP has been showing some interesting price action against major currencies such as the USD, JPY, and EUR. Let’s take a look at what the charts are suggesting for these pairs.
GBP/USD: The GBP/USD pair has been trading in a range between 1.3800 and 1.4000. The pair has been struggling to break above the 1.4000 level, which could signal a potential reversal to the downside. Traders should keep a close eye on this key level for potential short opportunities.
GBP/JPY: The GBP/JPY pair has been trending higher, with strong support around the 150.00 level. The pair has recently broken above the 152.00 level, indicating further upside potential. Traders could look for long opportunities as long as the pair remains above the key support level.
EUR/GBP: The EUR/GBP pair has been trading in a range between 0.8500 and 0.8700. The pair has been consolidating within this range, with no clear directional bias. Traders should wait for a breakout above or below this range to determine the next potential trend for the pair.
Overall, the GBP is showing interesting price action against major currencies, with potential trading opportunities in the GBP/USD, GBP/JPY, and EUR/GBP pairs. Traders should closely monitor key levels and wait for clear signals before entering any positions.