GBPUSD: Ready to monitor 1.3000 area

Yann Quelenn Swissquote Bank Ltd

EUR/USD

Short-term bullish momentum.

EUR/USD is edging higher at the moment. Hourly resistance is located at 1.1690 (03/11/2017 high) has been broken. Hourly support is given at 1.1554 (07/11/2017 low). Expected to show some short-term consolidation.
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

Ready to monitor 1.3000 area.

GBP/USD is still holding below 1.32. Support is given at 1.3027 (06/10/2017 low). Resistance area is given around 1.3200. Expected to show further increase.
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

Breaking downtrend channel.

USD/JPY has broken long-term downtrend channel. The pair is heading higher. Hourly support is given at 113.09 (09/10/2017 low). Strong support is located at a distance at 111.12 (20/09/2017 low).
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).

Author

Yann Quelenn

Swissquote Bank Ltd

Yann Quelenn is a Market Analyst at Swissquote Bank with strong technical and financial background. Previously, he worked as FX Trader at Banque Privée Edmond de Rothschild and as Portfolio Manager at Polaris Investment in Luxembourg.

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