GBP/USD, GBP/CHF and GBP/JPY Forecasts – British Pound Noisy on Wednesday

GBP/USD Technical Analysis

The British pound has been fairly choppy against the US dollar early on Wednesday, but it does look like we are trying to turn things around and head towards the 1.35 level again. The 1.35 level of course is a large significant figure that has been important more than once, and I do think you’ve got a scenario where traders try to get back to there. Maybe that is a place where the market feels comfortable. And right now, it certainly looks like the day could be positive and we could head towards that direction.

GBP/CHF Technical Analysis

The pound continues to chop back and forth against the Swiss franc as we’re hanging around the 50-day EMA. The pound against the franc is a pair I like a lot actually when it comes to trading the risk appetite of markets.

I do believe that given enough time traders will continue to look at this through the prism of whether or not we are seeing more risk appetite out there or we are not. And in this environment, I would say it’s kind of neutral, so it does make sense that we chop back and forth right around the 50-day EMA. If you’re a short-term trader, this could be a nice back and forth kind of range trade on short-term charts.

GBP/JPY Technical Analysis

The British pound is rallying just a touch against the Japanese yen during the early part of the session, trying to get to the 215-yen level again. I do think that dips are buying opportunities, and while it is a fairly calm pair at the moment, it is decidedly bullish, so I like the idea of taking advantage of a little bit of weakness, and it looks like a lot of traders out there feel the same way.

So, with that, I’m a buyer. I do think we will reach 215 yen sooner rather than later.

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