GBP/USD: Renewed bullish momentum
|EUR/USD
Strengthening.
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EUR/USD's momentum is still largely positive despite some consolidation. Hourly resistance is given at 1.0719 (17/01/2016 high). Hourly support lies at 1.0590 (19/01/2016 low) and 1.0341 (03/01/2017 low). Expected to see continued increase.
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In the longer term, the death cross late October indicated a further bearish bias. The pair has broken key support given at 1.0458 (16/03/2015 low). Key resistance holds at 1.1714 (24/08/2015 high). Expected to head towards parity.
GBP/USD
Renewed bullish momentum.
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GBP/USD has reached 1.2400 before bouncing lower. The technical structure seems to show positive potential. Hourly resistance is given at 1.2416 (17/01/2016 high) while hourly support is given at 1.2254 (19/01/2016 low). Expected to show further consolidation.
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The long-term technical pattern is even more negative since the Brexit vote has paved the way for further decline. Long-term support given at 1.0520 (01/03/85) represents a decent target. Long-term resistance is given at 1.5018 (24/06/2015) and would indicate a long-term reversal in the negative trend. Yet, it is very unlikely at the moment.
USD/JPY
Monitoring downtrend channel.
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USD/JPY is monitoring resistance implied by the upper bound of the downtrend channel. The road remains nonetheless wide-open towards hourly support given at 112.58 (17/01/2017 low). Hourly resistance is given at 115.62 (19/01/2016 high), Expected to see further downside moves.
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We favor a long-term bearish bias. Support is now given at 96.57 (10/08/2013 low). A gradual rise towards the major resistance at 135.15 (01/02/2002 high) seems absolutely unlikely. Expected to decline further support at 93.79 (13/06/2013 low).
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