Technical Checks: GBP/USD, GBP/JPY, GBP/AUD And GBP/NZD

Technical Checks: GBP/USD, GBP/JPY, GBP/AUD And GBP/NZD


Even as month-old ascending trend-line favors the GBPUSD upside, the pair recently found it difficult to surpass 1.2525-35 horizontal resistance, comprising 23.6% Fibonacci Retracement of its late-October – November upside. At present, the quote signals aforementioned TL retest, at 1.2395, breaking which 1.2350 and the 61.8% Fibo level of 1.2305 may provide consecutive rests to prices. In case if bears govern trades below 1.2305, the 1.2240 and the 1.2210 are likely downside figures to appear on the chart. On the upside, a clear break of 1.2535 could trigger the pair’s fresh advances towards 1.2600 and then to the 1.2675-80 crucial resistance-region. If prices manage to surpass 1.2680, chances of witnessing rally towards 100-day SMA level of 1.2815 become too clear to expect.



GBPJPY’s recent failure to clear immediate trend-line resistance seems dragging the pair towards 23.6% Fibonacci Retracement level of 139.90 prior to flashing 139.55 and 139.20 supports, including short-term ascending trend-line. Should the pair drops below 139.20, 38.2% Fibo level of 138.80 and the 138.35 could offer intermediate halts during its south-run to 138.00 and the 137.50 support-levels. However, pair’s capacity to surpass 141.20 TL resistance can quickly propel it to 141.75 and then to the 61.8% FE level of 142.65. Given the pair’s successful trading above 142.65, it becomes capable enough to aim for 143.50 and the 145.00 resistances.



Following its failure to surpass 100-day SMA, the GBPAUD seem more inclines to re-test 1.6380 – 1.6400 horizontal-support; however, 1.6520 may offer immediate halt. If prices drop below 1.6380, the 1.6100 and the 1.5890 can entertain short-term sellers before flashing 1.5675 on the chart. Alternatively, 23.6% Fibonacci Retracement of its May – October downside, at 1.6820, followed by 100-day SMA level of 1.6900, can keep limiting the pair’s near-term upside. Should there be additional strength by the pair after breaking 1.6900, the 1.7090, 1.7180 and the descending trend-line resistance of 1.7310 become crucial upside figures to watch.



Alike GBPAUD, the GBPNZD also reversed from 100-day SMA and is now testing 50-day SMA level around 1.7390-95. However, comparative strength of the NZD signals more of the pair’s downside towards 1.7320 and the 1.7240 on the break of 1.7390. If the pair weakens further below 1.7240, the resistance-turned-support line of 1.7185, the 1.7000 and the 1.6915 can please pair Bears. Meanwhile, 1.7600 acts as an immediate resistance for the pair to tackle during its reversal, breaking which 1.7670, 1.7740 and the 100-day SMA level of 1.7800 become important north-side figures to observe. Should the pair successfully trades above 1.7800, it becomes capable enough to challenge 1.7980 and the 1.8000 psychological magnet.

Cheers and Safe Trading,

Anil Panchal