Pound Dollar – GBP/USD fell lower after price showed indecision at the 1.4631 resistance level as we expected in our 5th February 2016 Market Outlook. Traders who went short as we recommended may consider continue holding onto the short position with a trailing stop behind. Since the overall trend is still bearish, we are likely going to see price continue to decline lower in the coming days.
Euro Pound – EUR/GBP is currently trading at its 0.7804 key resistance level which could potentially push price back lower into its 0.7482 support level. The short term trend has been bullish for now thus conservative traders may consider waiting for price to pullback into the 0.7482 support level before buying into this market while aggressive traders may consider shorting at this 0.7804 key resistance level to ride on the potential pullback.
Euro Yen – EUR/JPY is currently sitting above its 126.28–125.00 key support area which if price breaks below the support area could open up the door for potential huge decline in the coming weeks. Traders may consider shorting at the breakout of 126.28–125.00 key support area or shorting on pullback to ride on the potential decline.
Posted on 2016-02-17 06:30:19