Technical Update For GBP/USD, GBP/JPY & GBP/CHF: 10.05.2018

GBP/USD

BoE’s southward revision to near-term economic forecasts & concern about depleting Inflation dragged the GBP down across the board before few minutes. The GBPUSD, not being an exception, negated its recent uptick beyond 200-day SMA and is presently re-testing 1.3490-80 horizontal-support. Should prevailing pessimism at the UK central-bank fetch the quote below 1.3480 on a daily closing basis, the 1.3450 and the 1.3400 round-figure are likely following supports to appear on the chart while 1.3340-35 can entertain the Bears then after ahead of challenging them with the 1.3300 – 1.3295 support-zone. On the contrary, a D1 close above 1.3545, comprising 200-day SMA, may still has to surpass the 1.3615 resistance in order to aim for the 1.3710-15 resistance-area. In case if the pair conquers the 1.3715 mark, the 1.3780 and the 1.3830 could please the buyers.

GBP/JPY

While 149.10-20 region acts as an immediate resistance for the GBPJPY, pair’s downside can be questioned by the 147.80 and the 147.65 supports. However, comparative weakness of the GBP signals brighter chances for the pair’s downturn and hence a break of 147.65 can extend its declines to 147.45 and to the 147.00 supports. If at all prices keep running south past-147.00, the 61.8% FE level of 145.90 may gain market attention. Meanwhile, an upside clearance of 149.20 can push the Bulls to target 150.00 psychological magnet prior to confronting the 150.60-65 resistance-area. Moreover, pair’s strength above 150.65 might not hesitate flashing 151.15 & 151.50 as levels.

GBP/CHF

Alike GBPJPY, the GBPCHF moves are also confined in a range. Here, the 1.3505-10 acts as a support and the 1.3650-55 offers the resistance to the pair. Assuming the pair’s downside break of 1.3505, also smashing the 1.3500 round-figure, the 1.3455 and the 1.3415 may mark their presence on the chart whereas 1.3385 & 1.3350 can give rise to the pair’s U-turn afterwards. Given the pair’s rise beyond 1.3655, the 1.3680 and the descending TL, at 1.3710, may try limiting its upside, failing to which can help witness 1.3725 & 1.3760 as quotes. Additionally, pair’s sustained trading above 1.3760 could highlight the 1.3785, the 1.3800 and the 1.3835 consecutive resistances.

Cheers and Safe Trading,
Anil Panchal

This article was originally posted on FX Empire

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