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GBPUSD: Ready to monitor 1.3000 area

Written Yann Quelenn | 2017-11-14 05:33:31 GMT
  • 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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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.




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).



Yann Quelenn

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