GBPUSD - Breakout extension

EUR/USD

Strong bullish momentum.

  • EUR/USD continues to improve and is now close to the key resistance at 1.1890 (25/09/2017 high). Strong support is given at a distance at 1.1662 (17/08/2017 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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EURUSD

 

GBP/USD

Breakout extension.

  • GBP/USD continues to rise after the break of falling channel. A support can be found at 1.3237 (intraday low). Hourly resistances stand at 1.3265 (intraday 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.

GBPUSD

 

USD/JPY

Stable.

  • USD/JPY has failed to hold above former resistance given at 113.26 (27/09/2017 low). Support is located at 111.99 (16/10/2017 low). Downside risks are rising as markets may soon take some short-term profit.

  • 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).

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.