EURGBP lies just short of the falling trend line from October 2016 and lies on the well established horizontal resistance at .8636. Price has just nudged through the 100 sma but hasn't closed above it. This area is also WR2 resistance and with RSI on H4 overbought, EURGBP BULLS might find it hard going. I prefer to SHORT this market on signs of weakness on the...
Key 1.05 level has held and Friday saw the EUR put in a convincing recovery. Next target for EUR/USD BULLS will be the descending trend line shown. Its difficult to assess USD strength currently as the market seems to be aware of the imminent FEd rate hike but seems reluctant to act on it. So Monday may see this EUR rally fade if the USD BULLS get busy or we may...
GBPNZD has broken and closed above the trend line shown. This trend line descends from 1.9049 back in July 2016. The immediate hurdle for GBP/NZD BULLS is the 1.7497 resistance level. A break of this level opens up a move to test the next resistance level at 1.7918. Under 1.7322/312 area opens the door for a move back to test support at 1.7159 Trade idea See if...
Under 1.7135 the GBP/AUD must be assumed to be in a down trend though the construction looks mildly BULLISH over the short term with the price moving away from 1.6000. Price currently sits directly at the 200sma on H1 so a confirmed move either side of this level may set the immediate direction. Trading idea BUY at 1.6082 SELL at 1.6308 Look to sell down to...
GBP/CHF remains inside a well defined channel inside a well defined flag. A break above 1.2656 opens a possible attempt to take on the 200 sma at 1.2737 but this level will decline and form a strong treble resistance area in the future. To the downside a break of 1.2340 and flag support underneath opens up a move to test support at 1.2102. Trading idea BUY above...
GBP/CAD has been stuck in a band between 1.6628 to 1.6212 for over 6 weeks and a break either side would be significant. Price is currently held below the 100 sma and a break of that level would suggest a move to 1.6628. Trade recommendations Look to BUY at 1.64 if we head south on the open. Under 1.6378 opens the way for a move down to 1.6212.
GBP/JPY made 80 pips last week and technically looks BULLISH whilst we remain above the 200 sma. Above 140.42 takes the price above the descending trend line shown and opens up a move to 148.56. Below the 200 sma at 140.42 opens a move down to retest 136.37. Trade recommendations BUY above 140.42 SELL below 139.70 Resistance at 141.06 mat present a SHORT opportunity.
GBP/USD remains in the lower third of the 23.6 to 0.00 Fibonacci level as it attempts to recover 1.2346 support that failed on Wednesday. A move below 1.2218 opens a possible retest of 1.1914. BEARISH fundamentally and only a move above 1.2706 shifts the trend to BULLISH. Very light GBP news week with just the Annual Budget Release Wednesday and Manufacturing...
Following Trump's inauguration last Friday the BEARISH tone to the USD looks certain to remain and we've been SHORT SPX500 from 2264 in the belief that this market is overbought and due a correction. With the USD declining and the Dollar Index heading south, we are expecting more dollar weakness which should boost all USD pairs although not at the same rate. With...