Technical Outlook For GBP/JPY, GBP/AUD & GBP/CAD: 01.06.2018

GBP/JPY

GBPJPY’s U-turn from 144.00-143.90 horizontal-support seems presently helping the pair to aim for 146.00, breaking which 146.80 and 147.00 could entertain the counter-trend traders before pleasing them with 147.40 and the 148.00 numbers to north. However, a downward slanting trend-line stretched since mid-April, at 148.50, may restrict the pair’s upside past-148.00, failing to which can highlight the importance of 50-day SMA level of 149.35 and the 150.00 psychological magnet. Alternatively, a D1 close below 143.90 might again fetch the quote to 143.20 and then to the 143.00 round-figure. Moreover, pair’s sustained downturn beneath the 143.00 could open the gate for its south-run to 141.85 and the 141.00 rest-points.

GBP/AUD

Inability to negate short-term “Falling-Wedge” formation portrays the GBPAUD’s recovery targeting the 1.7700 mark but the pair’s further advances can be confined by the resistance-line of Bullish pattern, at 1.7785 now. Should prices manage to conquer 1.7785 on a daily closing basis, the 1.7850 can become a small halt during its rise towards the 1.7900-1.7910 resistance-confluence, comprising 100-day SMA. Meanwhile, the 1.7515, the 200-day SMA level of 1.7500 and the 1.7460, including support-line of the formation, could limit the pair’s near-term declines whereas break of 1.7460 might not hesitate flashing 1.7350 on the chart. Given the Bears’ successful dominance over the momentum after 1.7350, the 1.7270 and the 1.7200 are likely buffers to look at prior to expecting the pair’s re-test to 2018 low, around 1.7100.

GBP/CAD

Unlike previous two pairs, which still have some upside room, the GBPCAD is close to its resistance, namely upper-line of descending trend-channel, at 1.7275, breaking which it can rise to 1.7330 and the 1.7370 ahead of challenging the 1.7400-05 horizontal-region. If the pair surpasses 1.7405, it’s rally to the 1.7480, the 1.7530 and the 1.7560 become imminent. On the downside, the 1.7170, the 1.7130 and the 1.7110 may act as immediate supports for the pair, breaking which it can recall the latest bounce-point, viz. 61.8% FE level of 1.7050. Assuming the pair’s dip below 1.7050, the channel support mark of 1.7025 and the 1.7000 can try disappointing the sellers, if not then chances of witnessing 1.6900 can’t be denied.

Cheers and Safe Trading,
Anil Panchal