GBP/USD: Consolidating after strong increase

EUR/USD

Stalling below 1.1500.

  • EUR/USD bearish pressures are weak and the pair is way into a consolidation phase. Hourly resistance is given at 1.1489 (12/07/2017 high). Hourly support can be found at 1.1313 (05/07/2017 high). Stronger support lies at 1.1076 (18/05/2017 low). Expected to show sideways price action.

  • In the longer term, the momentum is clearly negative. We favour a continued bearish bias towards parity. Key resistance holds at 1.1714 (24/08/2015 high) while strong support lies at 1.0341 (03/01/2017 low).


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EURUSD

 

GBP/USD

Consolidating after strong increase.

  • GBP/USD has broken the 1.3000 mark. Strong resistance at 1.3048 (18/05/2017 high) has been broken. Expected to show continued bullish pressures.

  • 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.

GBPUSD

 

USD/JPY

Weakening.

  • USD/JPY is going lower. Hourly support given at 112.83 (13/07/2017 low) has been broken. Stronger support is located at a distance at 108.13 (17/04/2017 low). Expected to show continued bearish pressures.

  • 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).

USDJPY

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.