Forex Forecast: GBP/USD a sell around 1.5350, USD/JPY range trade, EUR/USD awaiting a flag breakout



In today’s Forex Forecast, we look at the price action for GBP/USD, USD/JPY, USD/CAD and EUR/USD with Steven Woodcock, Senior FX Analyst at Plutus FX.

GBP/USD: Maintaining the bearish view

Woodcock maintains his bearish stance on GBP/USD, still looking for a lower cable. At the moment, he says that the cross is trapped in a range, and he’ll be a seller for choice around 1.5330-1.5360 levels.

USD/JPY: Range play

The USD/JPY pair remains a range-trade, with the pair seeing sellers above 121 area and buying around 119 levels, notes Woodcock.

USD/CAD: 128.20 remains key

On USD/CAD, Woodcock says that technical charts suggest the pair remains an oil trade. He remains a massive dollar bull and sees the cross in a continuation phase. He further suggests 128.20 level remains key for the pair.

EUR/USD: Searching for direction

Woodcock notes that a flag pattern can be seen in EUR/USD, with the pair awaiting a breakout on either side. He believes that the cross might head a bit higher from current levels.a

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