|Day's range||146.073 - 145.903|
|52-week range||146.07269 - 145.90318|
The British pound rallied slightly during the trading session on Thursday, reaching towards resistance against the Japanese yen. The ¥147.25 level turned the market around slightly though, and this is also the scene of a previous uptrend line, so that of course will work against any rally’s as well.
With the month-long symmetrical triangle restricting the EURGBP moves between 0.8720 & 0.8800, chances of the pair’s recent pullback to test 0.8720 support and take a U-turn from there are higher. GBPJPY’s break of nine-month old ascending trend-line signals the pair’s further downside to the 144.95-145.15 rest-zone but its additional south-run can be confined by oversold RSI, which if ignored can drag the pair to 143.00 support.
Today, we do have three pairs with the Japanese Yen. The first one is the GBPJPY, which is giving us a super strong long-term sell signal. The pair already broke all major supports and now is testing the closest one as a resistance. The first contact was bearish but it seems like we will have another test soon. Double top on such an important level can be a marvelous trading opportunity.
The British pound has broken down through a major uptrend line during the day on Wednesday against the Japanese yen, has bounced to test that support level for resistance, but then started to roll over again.
The GBP/JPY has dropped after the bearish SHS variant has been formed in 4h time frame. We can see how the trend line break caused a direct drop to W L5 camarilla pivot. This is the important zone 147.00-15. We might see a spike towards a retest of trend line break or a further drop towards M L5. Watch for either bearish continuation or a bounce.
Another instrument where it can be seen is the AUDUSD, where the price is going down weakened by the false breakout of the neckline of the iH&S formation. GBPJPY dropped like a rock and is now reaching an ultimate selling place.
The British pound has been very noisy during the trading session on Tuesday, initially spiking towards the ¥149.75 level, before rolling over again. At this point, the market looks as if it is trying to build up significant momentum to the upside, something that will be necessary to continue the move higher.
The British pound went back and forth during the trading session on Monday, as traders came back to work from the weekend. It looks as if the ¥149 level is offering a bit of support, but the question remains whether we can hold that level to test major resistance above.
The British pound rallied significantly during the week, reaching towards the ¥150 level, an area that is an obvious psychologically important level, as well as structurally. The uptrend line underneath has offered support, and I think it’s likely that the uptrend line will continue to be important.
The British pound fell from the ¥150 level during the session on Friday as we continue to see a lot of noise in the market. However, there seems to be a lot of support at the ¥149 level as well, so it looks as if we are simply trying to build up enough momentum to finally break out.
The British pound did pull back a bit during the beginning part of the session against the Japanese yen, reaching down towards the ¥149 level. That’s an area that has been important more than once, and by proving this as support, is a very interesting signal the perhaps we are trying to build up the necessary momentum to break out for a much larger move.
Even after trying multiple times during the last one-week, the GBPUSD is still not succeeded in its attempts to conquer eleven-month old ascending trend-line, at 1.3480 now; though, the 200-day SMA level of 1.3555 acts as a strong near-term upside barrier for the pair. Hence, the pair has to provide a daily close clearing either the 1.3480 or the 1.3555 in order to register higher momentum. Considering comparative weakness of the GBP, the pair is more likely to break the 1.3480 mark, which in-turn could quickly drag the quote to 1.3400 and then to the 1. ...
The British pound initially fell towards the 148.25 level before bouncing rather significantly. We reached towards the 149 handle before rolling over, showing signs of resistance there yet again. Ultimately, this is a market that I think will continue to show a lot of volatility, and of course there are a lot of other factors going on. The pair is extraordinarily sensitive to risk appetite, so keep that in mind.
The British pound fell a bit against the Japanese yen during the Tuesday session as we reached towards the ¥148.50 level. We have bounce since then, although I’m not convinced that we are necessarily “strong.”
The British pound rallied significantly on Monday to reach towards the ¥149 level. The market has been bullish over the last couple of days, with a ¥149 level being resistance previously. However, we have recently seen a “higher low”, which suggests that perhaps the buyers are making a move.
The pound sterling is around its January lows as we are heading into the third week of May. The decision of the Bank of England to leave the interest rates and the overall monetary policy unchanged disappointed the market.
The British pound initially tried to rally during the week to test the ¥150 level. We rolled over at that point form a bit of a shooting star, and the shooting star of course is a negative sign. We are sitting just on top of the uptrend line that is offering major support. If we were to break down below the bottom of the uptrend line, we could drift quite a bit lower.
Sterling broke out to the upside during the session on Friday, reaching towards the ¥140.50 level, an area that has been short-term support and resistance in the past. I believe that this market is trying to break out to the upside, but I also recognize that there is a lot of noise underneath.
The British pound has fallen against the Japanese yen during training on Thursday, reaching towards the uptrend line underneath. There is a lot of support near the 147.50 level as well, so I think that it’s only a matter of time before we test that area. However, we could bounce from here, perhaps reaching towards the ¥150 level.
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 – ...
The British pound rallied significantly during the day on Thursday, slicing through the 149 level against the Japanese yen. Because of this, it looks as if we are testing a major resistance barrier above.
The British pound fell during the Tuesday session against the Japanese yen, reaching towards the 147 handle. I think if we can break down below the ¥147 level, we could see this market unwinding down to the ¥145 level. Rallies at this point will be selling opportunities until we can break above the ¥150 level.
The British pound bounced from the longer-term trend line that I have marked on the chart during the day on Monday, and therefore we have broken above the 148 level again. Because of this, I think that the market is trying to rally from here, but I suspect that we are going to continue to see a lot of selling pressure above.
The upcoming Bank of England’s interest rate decision on Thursday will have GBP traders paying attention to every detail possible. The recent GDP (Gross Domestic Product) was hard to swallow by GBP bulls, as it triggered a wave of selling in the GBP pairs.
The British pound fell during the week, breaking through the uptrend line extending back to the bottom of 2016. We are now testing the next uptrend line which is just below there, so I think if we break down below the 147 handle, we should unwind quite drastically.