GBP bulls are likely to come-in strong only above 1.62 levels

EUR/USD

The EUR/USD pair ended at 1.2716 levels yesterday after the pair faced rejection at 1.2840 levels. Moreover, the pair has breached through the support level of 1.2740 yesterday opening doors for a further sell-off towards 1.2640 levels. The hourly chart shows a triple top formation around 1.2840 levels with a neckline of 1.2740 levels. On the daily chart, the RSI has resumed its down trend, after having failed to rise above 50.00 levels. The prices may re-test the neckline of 1.2740 in the next couple of hours before resuming the downtrend. Meanwhile, a fresh demand for Euros can be anticipated only if the pair manages to rise above the 10-day moving average level of 1.2762.

GBP/USD

The GBP/USD pair declined yesterday after having struggled to rise above 1.6180 levels. The pair is trading around 1.6125 levels today, rising from a 5-day moving average support level of 1.6116. On the hourly chart, the pair appears exhausted around the resistance level of 1.6130. Failure to rise above the same, shall open doors for a sell-off towards 1.61 levels. Moreover, the pair has faced rejection around 1.6180-1.62 levels for the fourth time this month. Hence, the GBP bulls are likely to come-in strong only above 1.62 levels. Meanwhile, a fall below 1.61 levels will see bears regain control of the pair. The daily RSI appears exhausted around 46.55 levels and may start declining once the pair falls below 1.61 levels.

EUR/GBP

The EUR/GBP pair extended its losses yesterday, pushing the daily RSI below 50.00 levels. Moreover, the pair failed to sustain gains above the 50-day moving average level of 0.7924 yesterday, which led to a sell-off towards 0.7900 levels. The pair is trading at 0.7896 levels today, with the prices struggling to rise above 0.79 levels on the hourly chart. The pair is likely to test 0.7870 levels today owing to the bearish hourly and the daily RSI. A negative closing today would also lead to a bearish crossover of the 5-day and the 10-day moving averages. Meanwhile, the bulls may have a say if the pair manages to rise above 0.7925 levels.

USD/JPY

The USD/JPY ended at 107.00 levels yesterday after having recovered from the low of 106.245. Moreover, the prices managed to rise from the 50-day moving average support level of 106.42. The pair hovers around 107.00 levels today, as the pair has managed to sustain above the hourly chart support level of 106.80. The hourly RSI, currently at 55, is pointing to a further upside in the pair. However, a fresh demand for the USD can be anticipated once the pair managed to take out 107.40 levels. Moreover, the hourly chart shows that the pair has faced rejection couple of times around 107.40 levels since last week. Meanwhile, the pair can fall to 106.40 levels if the immediate support level of 106.80 is breached.