GBP/USD: Bullish momentum gaining


Bullish bounce.

  • EUR/USD has gained bullish momentum between 1.2300 and 1.2345 range. The pair is currently maintained between hourly support and resistance given at 1.2165 (17/01/2018 low) and 1.2506 (25/01/2018 high). The technical structure suggests short-term increase.

  • In the longer term, the momentum is turning largely positive. We favor a continued bullish bias. Key resistance is holding at 1.2886 (15/10/2014 high) while strong support lies at 1.1554 (08/11/2017 low).

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Bullish momentum gaining.

  • GBP/USD's short-term momentum is still lively clearing 1.4231 support. Hourly support and resistance are now given at 1.3451 (23/02/2018 low) and 1.4345 (25/01/2018 high). The technical structure suggests short-term upward moves.

  • The long-term technical pattern is reversing. The Brexit vote had paved the way for further decline but the pair is moving to 2016 highs. Long-term support and resistance are given at 1.1841 (07/10/2017 low) and 1.5018 (24/06/2016 high).




Pushing downwards.

  • USD/JPY has broken the rising trendline. The bearish pattern started in January 2018 is somewhat weakening. The short-term technical structure suggests continued short-term upward moves.

  • We favor a long-term bearish bias. Support remains at 101.20 (09/11/2016 low). A gradual rise toward the major resistance at 125.86 (05/06/2015 high) seems unlikely. Expected to decline further support at 101.20 (09/11/2016 low). The pair trades below its 200 DMA.


This report has been prepared by AC Markets and is solely been published for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any currency or any other financial instrument. Views expressed in this report may be subject to change without prior notice and may differ or be contrary to opinions expressed by AC Markets personnel at any given time. ACM is under no obligation to update or keep current the information herein, the report should not be regarded by recipients as a substitute for the exercise of their own judgment.