GBP/USD: Riding lower within uptrend channel

EUR/USD

Renewed buying pressures.

• EUR/USD keeps on increasing. The pair has strongly bounced back towards resistance given at 1.2092 (08/09/2017 high). Hourly support at 1.1812 (25/12/2017 low). Stronger support is given a distance at 1.1718 (12/12/2017 low).

• In the longer term, the momentum is now turning largely positive. We favour a continued bullish bias. Key resistance is holding at 1.2252 (25/12/2014 high) while strong support lies at 1.0341 (03/01/2017 low).

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GBP/USD

Riding lower within uptrend channel.

• GBP/USD is trading within short-term downtrend channel. However, the pair still lies in a bigger uptrend channel. The technical structure indicates nonetheless further shortterm potential downside within this bigger channel. Hourly support is given at a distance at 1.3304 (12/12/2017 low) while hourly resistance can be found at 1.3657 (20/09/2017 high).

• The long-term technical pattern is reversing. The Brexit vote had paved the way for further decline. Long-term support can be found at 1.1841 (07/10/2017 low). Long-term resistance given around 1.35 is at stake and indicates a long-term reversal in the negative trend. Yet, it is very unlikely at the moment.

USD/JPY

Heading lower.

• USD/JPY's selling demand is pushing lower and the pair has broken hourly support given at 111.99 (15/12/2017 low). Hourly resistance can be found at 113.75 (12/12/2017 high). The technical structure suggests further short-term downside moves.

• We favor a long-term bearish bias. Support is now given at 99.02 (10/08/2013 low). A gradual rise towards the major resistance at 125.86 (05/06/2015 high) seems unlikely. Expected to decline further support at 93.79 (13/06/2013 low).