Unless breaking the 1.2715-20 resistance-confluence, GBPUSD’s recent pullback can continue nurturing doubts about its strength to target the 1.2850 level. Additionally, pair’s successful trading beyond 1.2850 may still struggle to confront the 50-day SMA level of 1.2900 and the 1.2935, comprising 100-day SMA. Should prices rally above 1.2935 on a daily closing basis, the 1.3000 and the 1.3145-50 can entertain Bulls ahead of challenging them with 1.3210 resistance-line and the 200-day SMA level of 1.3260. In case the pair fails to sustain latest up-moves, the 1.2600 and the 1.2550 may act as immediate supports, breaking which 1.2470 could regain market attention. However, pair’s slide beneath 1.2470 might not hesitate flashing the 1.2350 and the 1.2310 on the chart.
Contrast to GBPUSD, the GBPJPY just broke an adjacent resistance-line but has to cross the 144.20 and the 144.50 in order to aim for the 145.10, the 145.80 and the 146.00 consecutive upside landmarks. Given the pair’s ability to rise above 146.00, the 146.50, the 146.80 and the 147.30 can please the buyers. Alternatively, the 142.80 and the 142.00 may offer nearby rests to the pair, which if broken might further drag it to 141.50 and the 141.15. Assuming the pair’s refrain to respect the 141.15 mark, the 141.00 and the 61.8% FE level of 140.45 could appear on sellers’ radar.
Not only 1.7560, but two-month old descending trend-line, at 1.7650, and the 1.7815-20 also seem important barriers to north for the GBPAUD. If at all the pair manages to surpass the 1.7820 hurdle, the 1.7940, the 1.8000 and the 1.8060 are likely following numbers to watch if holding long positions. Meanwhile, the 1.7365, the 1.7285 and the 1.7200 could trouble the Bears ahead of providing them 1.7000 and the 61.8% FE level of 1.6975 to rejoice.
Four-week long downward slanting TL around 1.2620 might try restricting the GBPCHF’s advances, if not then 1.2660 and the 1.2760 could become Bulls’ favorites. Though, the 1.2830-35 horizontal-region can disappoint optimists, failure to do so may divert the pair to 1.2940-50 and the 1.3000 figures. On the downside, the 1.2500 and the 1.2440 should perform their duties as supports, breaking which the 1.2390 and the 1.2375 are expected to come forward as rest-points. During the pair’s additional declines past-1.2375, the 61.8% FE level of 1.2300 might grab limelight.
This article was originally posted on FX Empire
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