Daily Technical Strategy On Currencies by FXTechstrategy - page 3
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GBPUSD: Reinforces Its Bullish Offensive
GBPUSD: GBP continues to face upside pressure following its corrective recovery bullish offensive. With the pair trading above its cluster of resistance at the 1.5689/77 zone, more strength is envisaged. Further out, resistance resides at the 1.5800 level followed by the 1.5800 level. A turn above here will open the door for a run at the 15850 level. Its weekly RSI is bullish and pointing higher supporting this view. On the downside, support lies at the 1.5600 level where a break if seen will aim at the 1.5550 level. A break of here will turn attention to the 1.5500 level. Further down, support lies at the 1.5450 level. On the whole, GBP faces the risk of a recovery higher on correction.
GBPJPY Looks To Build On Its Recovery
GBPJPY: GBPJPY has halted its weakness to close higher on Thursday, leaving eyes on further upside. On the downside, support comes in at the 186.00 level where a violation will aim at the 185.00 level. A break below here will target the 184.00 level followed by the 183.00 level. Its daily RSI is bullish and pointing higher suggesting further strength. On the upside, resistance lies at the 187.50 level followed by the 188.00 level where a break will aim at the 189.00 level. A cut through here will aim at the 190.00 level. Further out, the 191.00 level comes in as the next resistance All in all, the cross remains biased to the downside but with warning.
It was with warning - a strong intraday rebound up
GBPUSD: Loses Upside Momentum, Vulnerable
GBPUSD: Having the pair lost upside pressure to close lower on Thursday, more weakness is likely. On the downside, support lies at the 1.3150 level where a break will turn attention to the 1.3100 level. Further down, support lies at the 1.3050 level. Below here will set the stage for more weakness towards the 1.3000 level. Conversely, resistance stands at the 1.3250 levels with a turn above here allowing more strength to build up towards the 1.3300 level. Further out, resistance resides at the 1.3350 level followed by the 1.3400 level. On the whole, GBPUSD threatens further downside pressure though with caution