Pound Dollar – GBP/USD rallied higher after price fell into its 1.5490 support level as we expected in our 20th May 2015 Market Outlook. Traders who went long at this 1.5490 support level as we recommended may consider continue holding the long position as price is likely going to continue to rally higher into its 1.5790 resistance level in the coming days.
Japanese Yen – USD/JPY broke its consolidation earlier this week but price is currently retracing back into its consolidation area again. If price rejects the 120.48–120.22 support area, traders may consider buying into this market for a short term trade. If price bounce off away from this 120.48–120.22 support area, we are then likely going to see price rally into its 121.85 resistance level in the near term.
Euro Pound – Yesterday EUR/GBP broke its 0.7123 support level but price retrace back up to the 0.7123 resistance level (Previous support level) this morning. Given that the trend is bearish at the moment, traders may consider selling at this 0.7123 resistance level. Traders may wait for price to rejects this 0.7123 resistance level or any other confirmation before shorting for a safer entry.
Posted on 2015-05-22 06:30:37