GBP/USD: Bullish momentum is strong

EUR/USD

Consolidation.

• EUR/USD is now pausing between 1.2300 and .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 shortterm 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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GBP/USD

Bullish momentum is strong.

• GBP/USD's short-term momentum is still lively. 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 shortterm 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).

USD/JPY

Rising on trendline.

• USD/JPY keeps on pushing higher. The bearish pattern started in January 2018 is somewhat weakening. Hourly support and resistance are given at 107.00 (rising trendline) and 107.90 (14/02/2018 high). 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.