Technical Update For Important GBP Pairs: 06.06.2018

GBP/USD

GBPUSD’s recovery from 1.3200 is presently being challenged by the resistance-line of an upward slanting trend-channel, at 1.3430, which in-turn signal brighter chances for the pair’s pullback to 1.3395. If prices decline below 1.3395, the resistance-turned-support line near 1.3350 may trigger the pair’s U-turn, failing to which can recall the 1.3300 mark, comprising channel-support. Given the sellers’ refrain to respect the 1.3300 support, the 1.3240 and the 1.3200 can come-back on the chart. Alternatively, successful clearance of 1.3430 can quickly fuel the quote towards 1.3455 and then to the 1.3490 horizontal-resistance. Moreover, pair’s sustained trading beyond 1.3490 could help target the 1.3530, the 1.3580 and the 1.3620 numbers.

GBP/JPY

Unlike GBPUSD, the GBPJPY just breached six-week long descending TL resistance of 147.80 that favors its up-moves to 148.20 and the 148.70 hurdles to north. However, the 149.15 and the 149.65 are the only figures that can please buyers post-148.70 before challenging them by 150.00-150.10 horizontal-region, which holds the door for the pair’s rise to 150.65 and the 151.20. In case the pair fails to hold its recent breakout, the 147.10, the 146.70 and the ascending trend-line, at 146.00 could entertain the counter-trend traders. Assuming the pair’s dip beneath the 146.00, the 145.30-25 and the 144.25 become important to watch.

GBP/NZD

Following GBPNZD’s reversal from 1.8910-20 support-zone, the pair seems aiming the 1.9170-80 resistance-area, which if broken could stretch its advances to 100-day SMA level of 1.9270 and then to the 1.9360, including 50-day SMA. Should Bulls dominate after 1.9360, the 1.9455 & the 1.9540 may appear on their radars. Meanwhile, the 1.9000 round-figure could offer immediate rest to the pair during its decline, breaking which 1.8920-10 regains market attention. If Bears ignore the 1.8910 and fetch the quote below it on a daily closing basis, the 1.8800, the 1.8690 and the 1.8600 can be their favorites.

GBP/CAD

Even after bouncing off the 200-day SMA, the GBPCAD is likely losing its strength, which in-turn highlights the 1.7300 and the 1.7205 mark, encompassing the said SMA. Given the pair’s dip beneath 1.7205, the 1.7175-65 could play its role in disappointing the pessimists, if not then 1.7000 and the 1.6860 may prove their presence. On the upside, the 1.7430 and the downward slanting TL, at 1.7490, could act as nearby resistances for the pair, breaking which 50-day SMA level of 1.7595 and the 1.7730 might attract market-players. It should also be noted that the pair’s rally beyond 1.7730 can aim for 1.7800 and the 1.7870 resistances.

Cheers and Safe Trading,
Anil Panchal