Pound Dollar – GBP/USD decline lower after price rejected its 1.4805 resistance level as we expected in our 4th January 2015 Market Outlook. Traders who went short at the 1.4805 resistance level and 1.4906 resistance level as we recommended in our 4th January 2015 Market Outlook and 24th December 2015 Market Outlook may consider holding onto the short position as the overall trend is still bearish.
Euro Yen – EUR/JPY fell through its 129.80 support level yesterday which now had turned into a resistance level. Given that the overall trend is still bearish, traders may consider shorting this market if price pullback to the 129.80 resistance level (Previous support level) to ride on the bearish trend.
Pound Loonie – GBP/CAD rejected its 2.0359–2.0309 support area yesterday which could potentially push price higher in the coming days as the trend is still bullish at the moment. Traders may consider buying into this market to jump on the overall bullish trend.
Posted on 2016-01-05 06:30:32