GBP/USD, GBP/JPY, DXY Charts & More


Technical Outlook:

  • GBP/USD below support, acting weak
  • GBP/JPY bouncing off support but could weaken
  • DXY broke short-term corrective pattern

The GBP/USD is below a trend-line and the most recent swing-low, putting in position to sink further. This morning it tested former support, now resistance, and thus far turning down. Staying below ~12540 will be important for the bearish outlook. If selling pressure reasserts itself we could see a move down towards the 122/12100-area.

Top Trading Lessons

Top Trading Lessons

Recommended by Paul Robinson

Find Out the #1 Mistake Traders Make

GBP/USD 4-hr Chart (at pivotal spot)

GBP/USD 4-hr chart

GBP/USD Chart by TradingView

GBP/JPY is bouncing off a lower parallel, but like GBP/USD it could be in trouble here soon if it can’t hold a bid. A decline below 13175 will put the pair in position to drop further and have it below the lower parallel.

GBP/JPY daily Chart (lower parallel)

GBP/JPY daily chart

GBP/JPY Chart by TradingView

DXY broke a short-term corrective pattern within a trend, which implies that we should see lower levels ahead. There is a trend-line from 2018 below around the 95.80 level that could keep the Dollar from falling too far. But nevertheless the near-term path of least resistance looks lower.

DXY 4-hr Chart (broke wedge)

DXY 4-hr chart

DXY Chart by TradingView

For all the charts we looked at, check out the video above…

Resources for Forex Traders

Whether you are a new or an experienced trader, DailyFX has several resources available to help you; indicator for tracking trader sentiment, quarterly trading forecasts, analytical and educational webinars held daily, and trading guides to help you improve trading performance.

—Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at @PaulRobinsonFX

Source link


Please enter your comment!
Please enter your name here