Market Analysis: GBP/USD Rallies While EUR/GBP Slides Below Support

<img src="https://images.unsplash.com/photo-1517232117795-40c9d8212a04?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wxMTc3M3wwfDF8c2VhcmNofDJ8fHBvdW5kfGVufDB8fHx8MTcwMTA3MTExNnww&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=2000" alt="Market Analysis: GBP/USD Rallies While EUR/GBP Slides Below Support" /><p><em>GBP/USD is gaining pace above the 1.2575 resistance. EUR/GBP declined heavily below the 0.8720 and 0.8695 support levels.</em></p><h2>Important Takeaways for GBP/USD and EUR/GBP Analysis Today</h2><p>&#xB7; The British Pound is attempting a fresh increase above 1.2600.</p><p>&#xB7; There is a key bullish trend line forming with support near 1.2575 on the hourly chart of GBP/USD at FXOpen.</p><p>&#xB7; EUR/GBP is trading in a bearish zone below the 0.8720 pivot level.</p><p>&#xB7; There is a major bearish trend line forming with resistance near 0.8695 on the hourly chart at FXOpen.</p><h2>GBP/USD Technical Analysis</h2><p>On the hourly chart of GBP/USD at FXOpen, the pair remained well-bid above the 1.2450 level. As mentioned in the <a href="https://fxopen.com/blog/en/aj-market-analysis-gbp-usd-regains-strength-while-usd-cad-weakens/">previous analysis</a>, the British Pound started a decent increase above the 1.2500 zone against the US Dollar.</p><p>The bulls were able to push the pair above the 50-hour simple moving average and 1.2530. The pair even climbed above 1.2575 and traded as high as 1.2615. It is now consolidating gains above the 23.6% Fib retracement level of the upward move from the 1.2449 swing low to the 1.2615 high.</p><figure><img src="https://fxopen.com/blog/en/content/images/2023/11/gbpusd-1-.png" alt="Market Analysis: GBP/USD Rallies While EUR/GBP Slides Below Support" loading="lazy" width="2000" height="1099" srcset="https://fxopen.com/blog/en/content/images/size/w600/2023/11/gbpusd-1-.png 600w, https://fxopen.com/blog/en/content/images/size/w1000/2023/11/gbpusd-1-.png 1000w, https://fxopen.com/blog/en/content/images/size/w1600/2023/11/gbpusd-1-.png 1600w, https://fxopen.com/blog/en/content/images/size/w2400/2023/11/gbpusd-1-.png 2400w" sizes="(min-width: 720px) 720px" /></figure><p>On the upside, the GBP/USD chart indicates that the pair is facing resistance near 1.2615. The next major resistance is near 1.2640.</p><p>A close above the 1.2640 resistance zone could open the doors for a move toward 1.2700. Any more gains might send GBP/USD toward 1.2740.</p><p>On the downside, there is a key support forming near a bullish trend line at 1.2575. If there is a downside break below 1.2575, the pair could accelerate lower. The next major support is near the 50% Fib retracement level of the upward move from the 1.2449 swing low to the 1.2615 high at 1.2530.</p><p>The next key support is seen near 1.2510, below which the pair could test 1.2450. Any more losses could lead the pair toward the 1.2370 support.</p><h2>EUR/GBP Technical Analysis</h2><p>On the hourly chart of EUR/GBP at FXOpen, the pair started a major decline from well above 0.8745. The Euro traded below the 0.8720 and 0.8700 support levels against the British Pound.</p><p>The EUR/GBP chart suggests that the pair even declined below the 0.8695 level and tested 0.8675. It is now consolidating losses and trading below the 50-hour simple moving average. The pair is now facing resistance near a major bearish trend line at 0.8695.</p><figure><img src="https://fxopen.com/blog/en/content/images/2023/11/eurgbp-1-.png" alt="Market Analysis: GBP/USD Rallies While EUR/GBP Slides Below Support" loading="lazy" width="2000" height="1099" srcset="https://fxopen.com/blog/en/content/images/size/w600/2023/11/eurgbp-1-.png 600w, https://fxopen.com/blog/en/content/images/size/w1000/2023/11/eurgbp-1-.png 1000w, https://fxopen.com/blog/en/content/images/size/w1600/2023/11/eurgbp-1-.png 1600w, https://fxopen.com/blog/en/content/images/size/w2400/2023/11/eurgbp-1-.png 2400w" sizes="(min-width: 720px) 720px" /></figure><p>It is close to the 23.6% Fib retracement level of the downward move from the 0.8765 swing high to the 0.8672 low. The next major resistance could be 0.8720.</p><p>The 50% Fib retracement level of the downward move from the 0.8765 swing high to the 0.8672 low is also at 0.8720. A close above the 0.8720 level might accelerate gains. In the stated case, the bulls may perhaps aim for a test of 0.8745. Any more gains might send the pair toward the 0.8765 level.</p><p>Immediate support sits near 0.8675. The next major support is near 0.8650. A downside break below the 0.8650 support might call for more downsides. In the stated case, the pair could drop toward the 0.8600 support level.</p>