GBP Pairs close to important resistance

GBPUSD

On 1-hourly chart, the pair is oscillating within a short-term ascending trend-channel and is now trading close to the upper trend-line resistance of the channel, currently near 1.5650 level, also close to the pair’s immediate strong resistance near 1.5670-75 area. A break-out from the ascending trend-channel and a subsequent strength above 1.5670-75 resistance area, seems to extend the up-move initially towards 1.5740 intermediate resistance and eventually towards its next major resistance near 1.5800-10 region. Meanwhile reversal from 1.5650-70 immediate resistance zone is likely to find immediate support near 1.5600 round figure mark, which is closely followed by support at the lower trend-line of the ascending channel, currently near 1.5575-70 area. Failure to hold the lower trend-line support of the channel has the potential to drag the pair back towards retesting sub-1.5500 psychological mark, 1.5470-60 support area.

GBPNZD

On 4-hourly chart, the pair seems to have restricted its move within a short-term descending trend-channel and is currently trading close to 2.3450 resistance, marked by the upper trend-line resistance of the channel. Reversal from the upper trend-line resistance would reaffirm the pair’s near-term move within the channel, making it vulnerable to resume its near-term corrective move, initially towards 2.3300-2.3280 intermediate horizontal support and eventually towards the lower trend-line support of the descending channel, currently near 2.3000-2.2980 level. On the upside, a clear break through the upper trend-line resistance of the channel near 2.3450 area, seems to set the stage for an immediate up-move back towards 2.3600 level resistance and further towards 2.3700-20 strong resistance zone.

GBPCHF

Even as the pair remains within a short-term ascending trend-channel formation, visible on daily chart, it continues facing strong hurdle near 1.5050-60 area, where the pair is currently hovering around. A sustained strength above this immediate strong resistance now seems to open room for an immediate up-move towards the upper trend-line resistance of the ascending trend-channel, currently at 1.5170-90 zone, also nearing 1.5200 round figure mark. However, should the pair once again fail to conquer this immediate strong resistance and drop back below 1.5000 psychological mark, it seems more likely to be dragged back towards 1.4900 mark support and continue drifting lower, possibly even below 1.4800 mark, towards testing a very important support confluence near 1.4710-1.4700 mark, comprising of the lower trend-line support of the ascending channel and 200-day SMA.

EURGBP

Following a rebound from 61.8% Fib. expansion level support near 0.6935-30 area, the pair managed to recover towards testing 0.7150-60 resistance area, marking a descending trend-line resistance also forming a part of the possible bullish Falling Wedge chart-pattern on daily chart. The pair, however, failed to conquer the descending trend-line resistance and started drifting lower. From current levels the pair seems more likely to test 0.7040-30 horizontal support and a drop back below this immediate support increases the possibilities of a retest of the very important support confluence near 0.6935-20 zone comprising of 61.8% Fib. expansion level and another descending trend-line support, also constituting towards formation of the Falling Wedge. Meanwhile on the upside, 0.7140-50 area remains immediate strong resistance to conquer. A clear strength above this resistance seems to lift the pair immediately towards 0.7210-20 horizontal resistance and the recovery could further get extended towards its next major resistance near 0.7350-60 area.

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