EUR/USD – Daily Chart
The pair ended largely unchanged at 1.2544 levels yesterday, forming a Doji candle on the daily chart. We have now seen the pair move indecisively in a narrow range of 1.2520-1.26 for two consecutive sessions. A similar actions is being witnessed today as the pair continues to trade in the sideways manner around 1.2550 levels. The daily RSI has flattened around 48.00 levels and may rise above 50.00, if the pair extends gains over and above 1.2580 levels. The overall story remains the same even on the hourly charts as the traders await a clear breakout from the 1.2520-1.26 range. Moreover, a daily close above 1.2580 shall push the daily RSI above 50.00 and open doors for a re-test of 1.2650 and 1.2770 levels. On the other hand, a break below 1.25 levels should open doors for a re-test of 1.24 levels.
GBP/USD – Hourly chart
The pair finally managed to breach the trend line resistance and finish at 1.5696 levels yesterday. GBP/USD has slightly weakened today to trade at 1.5682 levels, although further losses are likely to be restricted around the trend line support located at 1.5677 levels. Meanwhile, the hourly chart shows, fresh demand for Pounds was seen around the hourly 50-SMA level yesterday, while the gains were capped around the hourly 200-SMA level. The pair is once again rising from the support of hourly 50-SMA located at 1.5679, accompanied by the bullish hourly RSI at 50.24 levels. Overall, the pair is likely to remain stuck today in between the 5-day and the 10-day average levels of 1.5665 and 1.5726 respectively.
EUR/GBP – Hourly Chart
The pair ended lower at 0.7992 yesterday, breaching the 5-SMA support located at 0.7993. However, the pair managed to sustain above 0.7984 levels, which is the 23.6% retracement level of the recent uptrend. Meanwhile, the hourly chart shows the pair forming a head and shoulder pattern with the neckline support currently positioned at 0.7978 levels. The pair is also trading below the hourly 50-SMA level of 0.7999, with the hourly RSI bearish at 49.12 levels. Given this, the pair is more likely to test the support at 0.7978, once the 23.6% retracement level of 0.7984 is breached. On the other hand, a fresh demand for the Euros can be expected above the hourly 50-SMA level.
GBP/JPY – Hourly chart
The pair clocked another day of gains ending at 185.23 levels, although GBP bulls faced rejection 186 levels. GBP/JPY has weakened today to trade at 184.60 levels, while the daily RSI, at 69.12, has turned lower from the overbought zone. Moreover, a red candle today would confirm a bearish Price-RSI divergence on the daily chart. Meanwhile, the hourly chart shows, the pair is moving in a downward channel today with the RSI bearish at 41.08 levels. The pair has also declined below the hourly 50-SMA level currently located at 185.00, although the pair may re-test the same before extending losses. The downside in the pair appears capped around channel support located at 184.18 levels. On the other hand, a fresh demand for Pounds can be anticipated above the channel resistance located at 185.40.
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