Technical Checks For GBPUSD, GBPJPY & GBPNZD: 29.06.2018

Anil Panchal
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GBP/USD

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GBPUSD’s uptick after welcome UK GDP print isn’t a strong sign for the pair’s further advances as a fortnight-long descending trend-line, at 1.3230, followed by the 1.3310 and a bit broader TL resistance, at 1.3360, are still untouched. Given the pair manages to surpass the 1.3360 barrier, the 1.3400 and the 1.3450 can appear on the chart. In case if the quote fails to sustain its latest surge, the 1.3120 & the 1.3100 may offer immediate supports to the pair, breaking which the 1.3050 and the 61.8% FE level of 1.3000 can please the sellers. Assuming that the Bears continue ruling price momentum past-1.3000, the 1.2945 and the 1.2900 may become their favorites.

GBP/JPY

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With more than two-month old downward slanting TL limiting the GBPJPY’s upside at 146.30, the pair is less likely to maintain its recent advances, which in-turn signals brighter chances for witnessing a pullback to 144.00 and the 143.55 prior to highlighting the 143.15-143.00 support-zone. Should the pair closes beneath the 143.00, the 141.40 and the 140.80 could be targeted if holding short positions. Alternatively, pair’s D1 close beyond 146.30 can escalate its recovery to 147.00 and the 50-day SMA level of 147.55. Moreover, successful trading above 147.55 can open the gate for the pair’s rally towards 148.10 and the 148.70 resistances.

GBP/NZD

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Even after visiting the highest levels in more than a month, the GBPNZD might find it hard to stretch its upside as a descending trend-line drawn since late-April, at 1.9490, acts as a strong resistance for the pair. If at all Bulls refrain to respect the 1.9490 hurdle, the 1.9540, the 1.9585 and the 1.9675-80 may flash in their radars. Meanwhile, the 1.9400 and an ascending trend-line, at 1.9310, can try limiting the pair’s near-term declines, breaking which 1.9250 and 1.9200 can provide intermediate halts during the plunge to 1.9140-35 rest-zone. Let’s say the pair continue its south-run after 1.9135, then it can find multiple supports around 1.9070 and the 1.9000 number.

 

This article was originally posted on FX Empire

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