The British pound initially tried to rally during the trading session on Tuesday but gave back quite a bit of the gains as we turned around and sold off. At this point, the market looks likely to break down towards the ¥141 level, and then possibly the ¥140 level.
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This pair has been in a downtrend and has just created a lower low followed by a pullback and nice advanced engulfing 123 candle. All below the 50ema. This makes for a good example of the pullback strategy.
Entry - 109.65
Stop - 109.98
T1 - 109.33
GBPUSD has been trending lower since the beginning of last week.
Technical Analysts: First target is the April 29 low at 1.2865.
However, below that, there is little further support ahead of February 14’s 1.2773 low.
Retail traders show 70.8% of traders are net-long, with the ratio of traders long to short at 2.43 to 1.
Fact traders are net-long suggests GBPUSD...
The British pound has pulled back against the US dollar during the week, reaching down to the 1.30 level before finding a little bit of support. We have received good economic numbers out of the United Kingdom, and that of course should be good for the British pound, but at the same time were worried about the US/China trade talks.
If we break down below the ¥109 level, it’s very likely that we will go looking towards the ¥108 level. This will probably coincide with bad news out of the trade talks, as the Japanese yen will be the safety currency of choice in that scenario. Having said that, there’s also the opposite scenario where the talks produce something substantial, and if they do it’s...
The focus for GBPUSD traders will now shift towards US CPI figures being released later today. Yearly inflation is expected to increase to 2.1% from 1.9% in March while monthly core inflation is expected to be 0.2%, up from 0.1%.
A follow-through weakness below the mentioned 50% Fibo. support near the 142.35-30 region will reinforce the bearish outlook and turn the cross vulnerable to accelerate the slide towards testing the 142.00 round figure mark en-route 141.30 zone.
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The USD/JPY pair is poised to extend its decline according to technical readings.
Technical indicators have neutral-to-bearish slopes holding within oversold territory yet above their recent lows, keeping the risk skewed to the downside.
Support levels: 109.45 109.10 108.80
Resistance levels: 109.90 110.25 110.50
Analysts at Commerzbank explained that GBP/USD remains below the1.3188/97, the 61.8% retracement and 3 rd April high, where it has stalled temporarily:
"It will need to regain 1.3217 (25th January high) to introduce scope up to the 1.3351/82 resistance, where we expect it to struggle. Conflicting intraday Elliott wave counts leave us side lined. Dips lower should...
The pair could face the initial support at 110 (psychological level) ahead of 109.70 (Mar. 25 low) and 109.40 (Feb. 4 low). On the upside, resistances are located at 110.75 (100-DMA), 111.25 (50-DMA) and 111.55 (200-DMA).
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Pair’s slip beneath 50-day simple moving average (SMA) highlights 100-day SMA level of 1.3000 as immediate support ahead of pushing sellers towards 1.2960 mark comprising 200-day SMA, followed by 1.2930 and April bottoms near 1.2865.
On the upside clearance of 1.3100 figure including 50-day SMA, buyers can aim for latest high around 1.3180 whereas 1.3200 and...
The British pound pulled back just a bit during the day on Monday but considering that Donald Trump and the Chinese are chirping at each other through twitter again, it’s quite impressive. The ¥145 level has offered support, as it is a large, round, psychologically significant figure. Breaking down through that level opens up the possibility of a move down to the...
This pair stable consolidating around the 110.80 level, maintaining the bearish tone according to the 4 hours chart.
The upside would look to advance beyond 111.10, where it closed last week.
Support levels: 110.60 110.25 109.90
Resistance levels: 111.10 111.45 111.85
The GBP/USD pair bottomed for the day at 1.3080. Unable to recover beyond the 1.3100 level.
The 4 hours chart shows that the risk of additional declines is limited, as technical indicators lost downward momentum.
A recovery beyond 1.3150, on the other hand, could see the pair surpassing the 1.3200 threshold.
Support levels: 1.3045 1.3010 1.2975
Not only Friday’s high near 1.3180 but late-March and early-April tops surrounding 1.3200 could also limit the pair’s immediate upside, a break of which can accelerate recent upside to January month high near 1.3220 and then to 1.3280 resistances.
Meanwhile, 1.3120 and 50-day simple moving average (SMA) at 1.3110 can offer nearby support ahead of 1.3080, 1.3030...
The sustained trading below the 100-day simple moving average (SMA) highlights chances of the pair’s further decline towards 110.30 and 109.70 support levels with 109.00 and 108.50 being follow-on numbers to watch in a case of additional south-run.
On the upside, 111.00 may limit the quote’s near-term advances, a break of which could recall 111.30 and 200-day SMA...
Currently, we are at 145.43 in a range. If we can break this 0.214 Fibonacci support, we are looking for a continuation initially to the ATR target at 144.74 and then to the range bottom at 143.91. The average daily true range (ATR) for the pair currently is 76 pips but its 90-day ATR is 139 pips a day. However we are still in the descending triangle, so it looks...
GBP/JPY Bearish: Currently, we are at 145.43 in a range. If we can break this 0.214 Fibonacci support, we are looking for a continuation initially to the ATR target at 144.74 and then to the range bottom at 143.91. The average daily true range (ATR) for the pair currently is 76 pips but its 90-day ATR is 139 pips a day