GBP/USD: Sideways price action
|EUR/USD
Consolidating after breaking 1.1700.
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EUR/USD bullish pressures continue. Hourly resistance is given at 1.1712 (25/07/2017 high). Hourly support can be found at 1.1371 (13/07/2017 high). Stronger support lies at 1.1292 (28/06/2017 low). Expected to show continued bullish pressures.
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In the longer term, the momentum is clearly negative. We favour a continued bearish bias towards parity. Key resistance holding at 1.1714 (24/08/2015 high) is on target while strong support lies at 1.0341 (03/01/2017 low).
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GBP/USD
Sideways price action.
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GBP/USD is trading above the 1.3000 mark. Hourly resistance is given at 1.3126 (16/07/2017 high). Hourly support is given at 1.2933 (20/07/2017 low). Expected to show continued bearish pressures.
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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
Bouncing higher.
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USD/JPY has bounced higher invalidating short-term bearish downtrend. Hourly support is given at 110.62 (24/06/2016 low). Stronger support is located at a distance at 108.83 (17/04/2017 low). Expected to show continued continued upside pressures.
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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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