GBPUSD: Short-term bearish consolidation
|EUR/USD
Edging lower.
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EUR/USD lies in a short-term bearish momentum. Hourly resistance is given at 1.1961 (27/11/2017 high). Hourly support is given at 1.1809 (30/11/2017 low). Expected to show continued increase.
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In the longer term, the momentum is now turning largely positive. We favour a continued bullish bias. Key resistance is holding at 1.2252 (25/12/2014 high) while strong support lies at 1.0341 (03/01/2017 low).
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GBP/USD
Short-term bearish consolidation.
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GBP/USD has been trading lower over the past few days but the technical structure indicates an extension of bullish momentum. Support is given at a distance at 1.3027 (06/10/2017 low). Expected to show continued increase towards resistance at 1.3657 (20/09/2017 high).
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The long-term technical pattern is reversing. The Brexit vote had paved the way for further decline. Long-term support can be found at 1.1841 (07/10/2017 low). Long-term resistance given around 1.35 is at stake and indicates a long-term reversal in the negative trend. Yet, it is very unlikely at the moment.
USD/JPY
Short-term bullish momentum.
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USD/JPY keeps on pushing higher. The pair has strongly bounced back. Hourly resistance is given at 112.70 (30/11/2017 high).
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We favor a long-term bearish bias. Support is now given at 99.02 (10/08/2013 low). A gradual rise towards the major resistance at 125.86 (05/06/2015 high) seems unlikely. Expected to decline further support at 93.79 (13/06/2013 low).
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