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Technical Outlook For GBP/USD, EUR/GBP, GBP/JPY & GBP/AUD: 23.08.2018

By:
Anil Panchal
Updated: Aug 23, 2018, 16:08 UTC

GBP/USD In spite of its failure to surpass 1.2930-35 resistance, the GBPUSD still remains strong for short-term unless trading beyond the 1.2790 support,

Technical Outlook For GBP/USD, EUR/GBP, GBP/JPY & GBP/AUD: 23.08.2018

GBP/USD

In spite of its failure to surpass 1.2930-35 resistance, the GBPUSD still remains strong for short-term unless trading beyond the 1.2790 support, which in-turn signal brighter chances for the pair’s another attempt to challenge the 1.2930-35 and the 1.2970-75 upside barriers. If at all the pair clears 1.2975 resistance, it’s rally to the 1.3000, the 1.3050 and then to the 1.3080 can’t be denied. In case the quote dips beneath the 1.2790 support, the 1.2730, the 1.2680 and the 1.2660 can please the sellers. Moreover, pair’s sustained south-run below 1.2660 might not hesitate flashing 1.2600 and the 1.2580 on the chart.

EUR/GBP

Compared to GBPUSD, the EURGBP is likely stronger as not only short-term ascending trend-channel but two-month old upward slanting TL also favors the pair’s upside. As a result, pair’s rise to 0.9000 seem more acceptable but its following advances might find it hard to cross the 1.9030 mark, comprising channel-resistance and recent high. Should prices rally above 0.9030,  the 61.8% FE level of 0.9070 and the 0.9100 round-figure may become Bulls’ favorite. Alternatively, pair’s drop below the 0.8960 channel-support highlights the importance of 0.8920 TL figure, breaking which 0.8870 & 0.8850 may limit its declines. Given the Bears’ dominance over momentum ignore 0.8850 support, the 0.8820 & the 0.8800 could gain traders’ attention.

GBP/JPY

GBPJPY‘s up-moves might struggle to prevail for long as the 143.75-80 horizontal-line, followed by 144.20 trend-line, are yet to be cleared and the RSI is also in overbought region. Assuming that the pair rises above 144.20 mark, the 144.70 and the 145.20 could play their roles to disappoint buyers, if not then 145.70 & 146.50 seem crucial to observe. Meanwhile, the 142.00 and the 141.15 may act as immediate supports for the pair, breaking which the 140.60, the 140.00 and the 139.80 may flash as quotes.

GBP/AUD

GBPAUD’s sustained trading above 1.7615-25 horizontal-region enables it to aim for 1.7710 TL resistance, breaking which the 1.7800 can offer intermediate rest to price-rally towards 1.7865 trend-line. If the pair clears 1.7865 hurdle, the 1.7950, the 1.7980 and the 1.8000 may entertain optimists. On the downside break of 1.7615, the 1.7580, the 1.7520 and the 1.7475 can provide buffers before the 1.7400 line restricts the pair’s declines. In case the pair continues to weaken past-1.7400, the 1.7340 and the 1.7280 can be targeted if holding short positions.

About the Author

An MBA (Finance) degree holder with more than five years of experience in tracking the global Forex market. His expertise lies in fundamental analysis but he does not give up on technical aspects in order to identify profitable trade opportunities.

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