Even after bouncing off the resistance-turned-support, the GBPUSD seems losing momentum to stretch the pullback and is likely revisiting the 1.3090 and the 1.3050 levels before testing the 1.3020 support-line. Given the pair’s dip beneath the 1.3020, the 50-day SMA level of 1.2980 and the 1.2930 are likely following numbers to appear on the chart before highlighting the 1.2800 mark. Alternatively, the 1.3215 and the 1.3300 can please short-term buyers ahead of pleasing them with 1.3370. However, the 1.3440-60 and the 200-day SMA level of 1.3515 could confine the pair’s upside past-1.3370.
EURGBP is presently struggling with 50-day SMA level of 0.8940 in order to aim for the 0.8980 trend-line resistance, breaking which 0.9000 and the 0.9030 may regain market attention. During the pair’s sustained trading beyond 0.9030, the 0.9065 and the 0.9100 can offer intermediate halts to its rally towards 61.8% FE level of 0.9140. In case the quote fails to surpass 0.8940 barrier, the 0.8900 and the 0.8870-65 confluence, comprising 100-day SMA & five-month old ascending TL, adjacent to 200-day SMA level of 0.8835, could play their roles. Assuming the pair’s extended downturn below 0.8835, the 0.8800-0.8795 may provide multiple supports to challenges the sellers.
With the immediate descending trend-line presently questioning the GBPAUD’s rise around 1.8185, the pair can drop back to 1.8055 and the 1.8000 round-figure but the 1.7930-15 and the 1.7815 TL might confine its further declines. Should prices refrain to respect the 1.7815 rest-point, the 1.7755 and the 1.7690 may comeback. Meanwhile, break of the 1.8185 trend-line can propel the pair to 1.8290 & 1.8350 resistances but the 1.8400 could limit the pair’s advances afterwards. If the Bulls continue dominating trade sentiment post-1.8400, the 61.8% FE level of 1.8550 may flash in their radars to target.
GBPCAD becomes another GBP pair that’s likely losing its strength, which in-turn raises importance of the 1.7025 support-line, breaking which the 1.7000, the 1.6950 and the 1.6860-55 horizontal-region might lure the Bears. Given the pair’s failure to hold 1.6855, the 1.6800 and the 1.6720 can be aimed if holding short positions. On the contrary, the 1.7100 trend-line holds the door for the pair’s run-up to 1.7135 & 1.7160 whereas latest high around 1.7190 and the 61.8% FE level of 1.7230 can check the optimists then after.
This article was originally posted on FX Empire
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