GBP/USD and GBP/JPY: Levels, Ranges, Targets

Yesterday's GBP/USD breakout from 1.2991 and climb to 1.3047 saw 1.2991 hold. Today is another GBP/USD break from 1.2995 and jump to 1.3018. Must now look to range point at today's 1.3121 to determine 1.3035 is the top and sell point. While 1.2995 is the actual break point, GBP also broke a range point at today's 1.2999. GBP above 1.2995 and 1.2999 is not only a level break but a range break as well. This is significant.

More significant is GBP/JPY finally participated in today's rise as the maximum level at 145.32 saw GBP/JPY dead stop at 145.31. In GBP/USD past breakouts over the past 5 months, GBP/JPY failed to track higher. This speaks volumnes to a GBP/USD breakout higher as GBP/USD and GBP/JPY traditionally share a high 80% to 90% Correlation. For GBP/USD, GBP/JPY is the best correlated pair in the GBP universe.

The next level support below for GBP/JPY are 144.56 and 144.42 while most significant to achieve 144.56 is 144.60 as this represents today's range point. What 145.32 means for GBP/JPY is the upper range point at 145.86. Today's range is located from 145.86 to 144.60. Longer term, the GBP/JPY price is low and highly oversold.

Below for GBP/USD must break 1.2999 and 1.2995 to target next level at 1.2974 and much further below at 1.2924. Also mentioned many times the BOE view in GBP/USD is the 1.2300 to 1.2800 range. Today's range point is actually 1.2898 yet levels at high 1.2880's provided solid support over the past weeks. To even consider longer term shorts, the 1.2880's area must break. On the MA side, the 20 and 200 day are primary GBP drivers and both are significantly overbought.

Yesterday's EUR/USD finally saw the long point bottom at 1.1076 as EUR/USD then bolted to 1.1160's. We're looking for 1.1184 today to stop any higher movements.

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