GBP/USD, EUR/GBP, GBP/NZD
GBPUSD initial break below 100 month moving average support at 1.4080/60 was very frustrating with an unexpected bounce back to 1.4132 before the pair collapsed on the Fed minutes.
EURGBP remains in a triangle pattern from support at the May/June low at 8563/8558 to strong resistance at 8635/45. Both of which are holding perfectly so far this week.
GBPNZD broke higher to 1.9864 but unexpectedly collapsed to 1.9700.
GBPUSD finally broke the 100 month moving average at 1.4080/60 for a sell signal this week targeting 1.4025/15 & 1.3970/60. We bottomed exactly here but are likely to test the 100 day moving average at 1.3940/35, perhaps today. A break below 1.3925 risks a slide to 1.3880/70 & a.3840/30.
Gains are likely to be limited with first resistance at 1.4030/40. Unlikely but if we continue higher expect strong resistance at 1.4070/80. Stop above 1.4100.
EURGBP minor support at 8590/80, then better support at the May/June low at 8563/8558. A break lower to is a sell signal targeting 8538, 8505, 8490, perhaps as far as 8475/70.
Expect strong resistance at 8630/40. Shorts need stops above 8645. A break higher is a medium term buy signal.
GBPNZD has already wiped out Wednesday’s gains over night. Support at 1.9700/1.9690. Further losses meet support at 1.9620/00.
A break above 1.9865 can target 1.9910/30 & 1.9965/70, perhaps as far as 2.0035/45.
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