GBP/USD: Strengthening

EUR/USD

Overshooting.

  • EUR/USD made a drastic rise, reaching the 1.25 range and heading toward 1.2537. Hourly resistance is now at 1.2537 (25/01/2018 high) while hourly support is maintained at 1.2165 (17/01/2018 low). The technical structure suggests further upside moves.

  • 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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EURUSD

 

GBP/USD

Strengthening.

  • GBP/USD continues bouncing and trades between resistance at 1.4003 (23/01/2018 high) and support at 1.3742 (16/01/2018 low). The technical structure suggests further upside move.

  • 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).

GBPUSD

 

USD/JPY

Failing to bounce.

  • USD/JPY is declining again under strong selling pressures, heading toward 106 range. Hourly resistances at 111.50 (18/01/2018) and 113.75 (12/12/2017 high) are further distanced. The technical structure suggests short-term downside moves.

  • We favor a long-term bearish bias. Support is given at 105.55 (03/05/2016 low). A gradual rise towards the major resistance at 125.86 (05/06/2015 high) seems unlikely. Expected to decline further support at 101.20 (09/11/2016 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.