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Technical Update For GBP/USD, EUR/GBP, GBP/JPY & GBP/NZD: 24.05.2018

Anil Panchal
Updated

GBP/USD

Following its dip beneath 200-day SMA, the GBPUSD posted fresh lows of 2018 but couldn’t conquer the 1.3300-1.3290 support-zone, which in-turn triggered the pair’s pullback targeting 1.3400 on Thursday. Should the pair manage to stretch its recovery beyond 1.3400, the 1.3480 and the 200-day SMA level of 1.3565 seem tough challenges for the buyers, which if surpassed could highlight the 1.3710-20 resistance-area. Assuming the pair’s failure to hold latest up-moves, the 1.3300-1.3290 region can regain market attention, breaking which the 1.3220, the 1.3180 and the 1.3100 might entertain the Bears ahead of questioning their strength by 1.3030-20 horizontal-support.

EUR/GBP

With the month-long symmetrical triangle restricting the EURGBP moves between 0.8720 & 0.8800, chances of the pair’s recent pullback to test 0.8720 support and take a U-turn from there are higher. In case if the 0.8720 can’t sustain selling pressure, the quote can quickly drop to 0.8690-85 horizontal-support. Also, pair’s extended declines beneath the 0.8685 can raise the 0.8665 & the 0.8635 as intermediate halts before fetching it to April lows near 0.8620. Alternatively, the 0.8760, the 0.8785 and the 0.8800, comprising pattern-resistance, can keep limiting the pair’s near-term upside. Though, break of 0.8800 can activate the price-rally towards 0.825 & 0.8845 resistances.

GBP/JPY

GBPJPY’s break of nine-month old ascending trend-line signals the pair’s further downside to the 144.95-145.15 rest-zone but its additional south-run can be confined by oversold RSI, which if ignored can drag the pair to 143.00 support. Given the pair’s sustained weakness beneath the 143.00, the 141.15 and the 140.00 can be targeted by the pessimists. Meanwhile, an upside break of 147.50, including support-turned-resistance-line, can propel the pair to the 148.35, the 148.70 and then to the 50-day SMA level of 149.80. If Bulls dominate trade-sentiments beyond 149.80 and clear the 150.00 round-figure, the 150.60 & 151.25 can appear in their radars.

GBP/NZD

In addition to the GBPNZD’s failure to close below four-month old upward slanting trend-line, its U-turn from 100-day SMA favors the pair’s up-moves to 1.9450 and to the 1.9540. However, the 1.9640 and the 1.9700 are the only numbers that can please optimists above 1.9540 as 1.9750-70 could tame the pair’s rise afterwards. On the downside, the pair has to provide a daily closing below 1.9245, comprising 100-day SMA & 23.6% Fibo, in order to visit the 1.9170 and the 1.9080 supports. Moreover, increased selling below 1.9080 could give importance to the 1.9000 psychological magnet that also holds the 200-day SMA status for now.

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Cheers and Safe Trading,
Anil Panchal

This article was originally posted on FX Empire

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