Important GBP Pair’s Technical Update: 21.06.2017

GBP/USD

Ever since the GBPUSD dropped below 1.2770-75 horizontal-line, it never surpassed it on closing basis; however, the pair presently struggles around 100-day SMA level of 1.2630 to hold its plunge of last two-days. Given the pair’s close above 1.2630, it can quickly recover to 1.2690 and then to the 1.2720 prior to confronting with 1.2770-75 again, which if broken enables the quote to claim 1.2840 and the 1.2900 resistance-levels. In case if the pair fails to clear 1.2630, the 1.2555, comprising 200-day SMA, seems a nearby strong support to observe, breaking which the 1.2500, the 1.2470 and an upward slanting TL support, around 1.2400, could restrict its following downside. Should prices refrains to respect 1.2400, the 1.2370-65 and the 1.2310 might come-back on the chart.

GBP/JPY

Following its failure to clear 50-day SMA, the GBPJPY seems coming towards 139.00–138.95 support-area, including 200-day SMA, which is likely a dependable support for the pair. In case if sellers continue dominating the moves and flash a sub-138.95 closing, the 138.30, the 137.70 and the 137.00 numbers could please the Bears. On the contrary, the 141.20-30 may limit the pair’s immediate upside before it can challenge the 50-day SMA level of 142.70 again. During the pair’s extended recovery beyond 142.70, the 143.00 and the 143.70-80 horizontal-line seem crucial for buyers to watch.

GBP/CAD

Alike GBPUSD, the GBPCAD is also struggling to extend its south-run. Herein, the 200-day SMA level of 1.6745, coupled with oversold RSI, is helping the pair to target the 1.6870 and the 100-day SMA level of 1.6910. Should the pair clears 1.6910 on a daily closing basis, it can rise to 1.7000 psychological magnet while sustained trading above the same may propel it towards 1.7160-70 horizontal-resistance. Meanwhile, pair’s inability to hold the 1.6745 support can fetch it to 1.6670 and then to the 1.6610 before reigniting the importance of 1.6535-50 area. If at all prices keep declining after 1.6535 break, chances of witnessing 1.6300 as a quote can’t be denied.

GBP/CHF

With the latest bounce of GBPCHF from 1.2260, the pair seems heading towards 1.2360 ahead of challenging the 1.2420 trend-line resistance. Though, pair’s break of 1.2420 becomes a good sign for buyers to aim for 1.2475-80 and the 1.2540, breaking which 1.2600 should be given proper attention. Alternatively, 1.2260 and the recent low around 1.2240 can keep restricting the pair’s immediate downside, breaking which the 1.2200 round-figure can act as a buffer during the pair’s plunge to 61.8% FE level of 1.2130. Given the pair’s additional weakness below 1.2130, January low near 1.2100 might appear on the sellers’ radar.

Cheers and Safe Trading,
Anil Panchal