The GBP/USD pair finished higher on Wednesday at 1.5796

EUR/USD - Hourly chart

The EUR/USD pair finished higher on Wednesday at 1.2510; breaching the key resistances at 1.2480 and 1.25 on its way up. Despite a strong closing, the daily RSI is still bearish at 47.63 levels. The pair is trading largely unchanged around 1.2510 levels today. The hourly chart shows, the pair is moving in a upward channel with the RSI bullish at 59.32 levels. Moreover, the pair is struggling around 1.2510-1.2520 levels since the Asian session today. It is worth noting that 1.2510-1.2520 levels acted both as a strong support and a strong resistance level throughout this month. Hence, a convincing hourly close above 1.2520 levels is essential to push the pair towards the channel resistance located at 1.2560. However, a bearish daily RSI coupled with bearish crossover in 5-DMA and 10-DMA may see the pair re-test 1.2480 levels before moving upwards.

GBP/USD – Hourly chart

The GBP/USD pair finished higher on Wednesday at 1.5796, after breaching the resistance located at 1.5738. The strong finish on Wednesday led to a bullish crossover between the 5-DMA and the 10-DMA. The pair extended gains today to trade at 1.5814, with the daily RSI still bearish at 47.22 levels. Meanwhile, the hourly chart shows, the pair is struggling near the 1.5810-1.5815 resistance zone. However, given the bullish hourly RSI at 60.68, the pair is more likely to rise above 1.5815 levels. Moreover, the breach of 1.5738 levels yesterday has opened doors for 1.5880 on the upside. Thus, the pair is more likely to test 1.5880 levels today if it manages to sustain gains above 1.58 levels. On the other hand, a minor correction to 1.5780-1.5760 levels cannot be ruled out, although bears are unlikely to have a say so long as the pair trades above 1.5738 levels. Hence, a fresh demand for Pounds can be anticipated on the dips till 1.5738 level is not breached.

EUR/GBP – Daily Chart

The EUR/GBP pair finished lower on Wednesday exactly at the 100-DMA level located at 0.7919. The pair managed to take back some losses after hitting a low of 0.7895 yesterday. However, fresh signs of weakness have emerged today as the pair is being pushed down towards 0.79 levels, after having failed to sustain gains above the 5-DMA and the 100-DMA located at 0.7921 and 0.7918 levels. The weakness has almost turned the daily RSI bearish below 50.00 levels. Meanwhile, on the hourly chart, the RSI, at 40.71, is indicating room for a further decline in the pair. Thus, the pair is more likely to test 0.7895 and 0.7885 levels today. Moreover, a daily close below the 50-DMA located at 0.7885 shall strengthen the bearish view. On the other hand, EUR bulls do not have much to cheer except a possibility of short correction towards 0.7935-0.7940, where a fresh selling pressures is likely to emerge.

EUR/JPY - Hourly Chart

The EUR/JPY pair managed to end slightly higher on Wednesday at 147.27, after bouncing-off from the 10-DMA level located at 146.50. However, fresh signs of weakness have emerged today since the pair declined to trade at 146.85 levels, with the daily RSI pointing downwards after failing to rise above 70.00 levels. Meanwhile, the hourly chart shows, the pair has just breached the symmetrical triangle support located at 146.82. However, the pair also has a hourly 200-DMA support located at 146.77, and the daily 10-DMA support located at 146.76. Thus, a convincing close below 146.75 levels is essential on the hourly charts, in order to test 146.00 levels today. The hourly RSI, at 44.22, thus indicate further room for a sell-off in the pair. Moreover, a negative daily close below 146.75 today, shall lead to a bearish 5-DMA and 10-DMA crossover.