GBP/USD: Riding lower within uptrend channel


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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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.




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).


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.