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Technical Outlook For GBPUSD, EURGBP, GBPAUD & GBPCHF: 06.07.2017

By:
Anil Panchal
Updated: Jul 6, 2017, 13:27 UTC

GBP/USD GBPUSD’s latest bounce from fortnight old ascending trend-line indicates its readiness to confront the 1.3000 psychological magnet; however, the

Technical Outlook For GBPUSD, EURGBP, GBPAUD & GBPCHF: 06.07.2017

GBP/USD

GBPUSD’s latest bounce from fortnight old ascending trend-line indicates its readiness to confront the 1.3000 psychological magnet; however, the pair’s following advances might find it hard to clear the 1.3030-50 resistance-area. In case if Bulls manage to propel prices beyond 1.3050 on a daily closing basis, the 1.3110 and the 61.8% FE level of 1.3160 are likely north-side numbers to appear on the chart. On the contrary, pair’s daily close below 1.2910 TL support can quickly fetch it to 50-day SMA level of 1.2870 and then to the 1.2815 rest-point before meeting the 1.2800 round-figure. Should the quote continue declining after 1.2800, the 1.2720 and the 100-day SMA level of 1.2670 can please sellers.

EUR/GBP

eurgbp

With the EURGBP’s sustained trading below seven-week long ascending TL, the pair seems inclined to revisit 0.8730 and the 0.8690 supports but 50-day SMA level of 0.8660 and the 0.8630, comprising 200-day SMA, are likely strong points that can trigger its U-turn. If the 0.8630 fails to confine the pair’s downturn, chances of its plunge to 0.8590 and the 0.8560 can’t be denied. Meanwhile, 0.8810 and the 0.8840 might limit the quote’s immediate advances before reigniting possibilities to witness 0.8865 and the 0.8880 resistances. Given the pair’s successful trading above 0.8880, 61.8% FE level of 0.8930 and the 0.8945 can entertain buyers ahead of pushing them to target 0.9000 mark.

GBP/AUD

gbpaud

Even if GBPAUD recently rallied to four-week high, resistance-line of a short-term ascending trend-channel, at 1.7095 now, may trigger the pair’s pullback, failing to which can further stretch the current recovery in direction to 1.7150 and the 1.7200 resistance-levels. During the pair’s additional up-moves after 1.7200, the two-month old descending trend-line, near 1.7230-35, becomes important to watch, breaking which prices can rise to 1.7290 and the 1.7330 levels. If the pair reverses from present levels, which is more likely, the 1.6970 and the 1.6935-30 seem immediate stops that can availed prior to observing 1.6900 support, including channel-support-line. Moreover, clear of 1.6900 support could open the door for the pair’s southward trajectory towards the 1.6840, 1.6780 and the 1.6700 consecutive supports.

GBP/CHF

gbpchf

Considering the GBPCHF’s sustained trading above 1.2460, buyers seem demanding extended recovery to 1.2530-35 horizontal-line, which if broken can give rise to expectations of witnessing 1.2580 and the 1.2610 as quotes. In case of the pair’s successful break of 1.2610, the 1.2640 and the 1.2680 can act as buffers ahead of flashing 1.2700 round-figure resistance. Alternatively, a dip below 1.2460 can have multiple supports near 1.2430-25 and the 1.2400 – 1.2395. Should the pair declines below 1.2395, the 1.2370, the 1.2330 and the 1.2285 can entertain traders prior to again offering them the June-low near 1.2240-35.

Cheers and Safe Trading,
Anil Panchal

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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