Technical Checks for GBP/CHF, EUR/GBP and GBP/AUD

GBP/CHF

Ever since the GBPCHF turned down from ascending trend-line resistance, forming part of “Rising-Wedge” bearish technical pattern, the pair maintained it south-run and confirmed further downward pressure by dropping below 1.4800 mark, including the formation support and the 200-day SMA. Currently, the mentioned SMA, around 1.4800 mark, limits the pair’s near-term upside while 1.4450-40 may act as an immediate support, breaking which the pair can be dragged down to 1.4250 and then to the 61.8% Fibonacci Retracement of its January plunge, near 1.4140. Moreover, extended downside below 1.4140 can make the pair vulnerable enough to plunge below 1.4000 psychological magnet by printing 1.3980 and 1.3850 consecutive support levels. Alternatively, an upside break of 1.4800, the formation support, now acting as resistance, near 1.4900, and the 1.5100 level, may offer strong resistance to the pair prices. Should it manage to clear 1.5100 on a closing basis, chances of magnified northward trajectory to 1.5310-20 can’t be denied.

EUR/GBP

EURGBP’s reversal from 0.7000 propelled the pair prices towards 0.7480 – 0.7500 medium-term important resistance-zone which currently restricts the pair’s up-move, favoring chances of pullback to 0.7400 immediate support. If the pair dips below 0.7400, the 38.2% Fibonacci Retracement of its November 2014 – July 2015 downside, near 0.7350, and the 0.7300 round figure mark, are likely following downside supports. Moreover, extended south-run below 0.7300, can print 0.7240 and the 0.7100 levels prior to pushing the pair to 0.7000 re-test. Meanwhile, a closing break above 0.7500 can trigger the pair’s up-move towards 0.7600 and to the 0.7700 resistance levels and successful up-move beyond 0.7700 may strengthen the pair to target 0.7760 and the 0.7800 before it could head for 0.7900 mark.

GBP/AUD

Following the GBPAUD’s turn-around from 2.0170, the pair managed to test the highest levels in nearly three weeks; however, two month old descending trend-line resistance, presently at 2.0950, may limit its further up-move and trigger the pullback to 2.0650-40 area. Given the pair’s extended downturn below 2.0640, the 2.0550 and the 2.0380 could offer intermediate support to the pair before it could re-visit December lows, around 2.0170, and the 61.8% FE of its September – December downside to 2.0120. If at all the pair manages to clear 2.0950, the 38.2% Fibo, near 2.1020 and the 50% Fibo, near 2.1220, may offer quick test during the pair’s up-move. Further, pair’s extended rise beyond 2.1220 can enable it to look for 2.1500 area.

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