Pure technical analysis of GBPUSD and GBPJPY. For a view on the USDollar and US10Y please go here
Market and price are both bullish with price having broken above the monthly target. Pivot theory suggests that profit taking will see counter trend trading coming into play and with price being so high we expect to see price open at bearish pivot point levels. Price action shows our next level of resistance at 1.3050. The fib is drawn off of the pre Brexit referendum high and the post flash crash low. We see confluence with price action resistance at the 38.2% fib. Support eyed at 1.29 and 1.2850 which marks the top of the range price broke out of last week with further support at 1.28, 1.2750 and 1.2650.
Market and price are both bullish with price having made a recent higher high at 1.2950 after coming off the 21 EMA at 1.28. It is not recommended to sell this pair while price is above the 21 with bulls looking to buy at the 21 and support levels mentioned in the analysis of the daily chart. Keep an eye on new weekly pivot points for confluence with price action support and resistance.
Market and price are both bullish with price having broken through the monthly target and closing at MR3 on Friday. Pivot theory suggests a pull back at this level due to profit taking and may present a counter trend trading opportunity. Resistance above MR3 eyed at 145 and 145.50 with support eyed at 143.00, 142.50 and 142.00
Market and price are bullish. It is not recommended to sell this pair as long as price remains above the 21 though due to high price levels and price being above the weekly and monthly target one may consider a counter trend trade down to next week's central pivot point though make sure you have the appropriate setup on lower time frame charts. Bulls are going to buy at the 21 with further support eyed at the levels mentioned in the analysis of the daily chart.
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