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    Technical analysis and trading recommendations on GBP against USD & YEN for March 06, 2015

    GBP/USD The Bank of Englands Monetary Policy Committee at its meeting today voted to maintain Bank Rate at 0.5%. The Committee also voted to maintain the stock of purchased assets financed by the issuance of central bank reserves at 375 billion pounds. The previous change in Bank Rate was a reduction of 0.5 percentage points to 0.5% on 5 March, 2009. Upcoming events: US employment data is released today. Technical view Before the publication of the jobs data, the pair is trading with a negative bias at the Asian session. We are bullish for the British pound against crosses, but still remain cautious about the US dollar. The support seems at 1.5200. The cable was rejected at 5Dsma at yesterday's session. Today, at the Asian session again 50Dsma was rejected, but the pair is firmly trading above 1.5200. These factors prove a bearish view in the near term. The intraday resistance is found at 1.5280 50Dsma and 1.5350 34-hrsma. The cable has been improving the support base from the lows of 1.4951. If we look at the daily chart, prices are moving up and consolidating, again pushing to a new high with consolidation. This time, the price is consolidating in the crucial support zone at 1.5200. Until the prices close below 1.5400, the bearish view remains on play. Resistance: 1.5370, 1.5400, 1.5460.
    Support: 1.5345, 1.5330, 1.5280.
    Panic will be triggered below 1.5190 with targets at 1.5170,1.5140 and 1.5100. Trade: safe selling below 1.5180.
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    GBP/JPY
    The cross is holding the 20wsma and trading above it. The cross is going on its five-week uptrend. The pair made a double top at 185.00. The cross broke and closed below the strong support base of 183.50. We are bullish about the GBP against crosses. The weekly support is seen at 182.40 and 20Wsma. Today, traders eye NFP data. Ahead of the big event, the pound is trading lower against the yen. At yesterday's session, the cross managed to breach above 20Dsma, but it closed below it. Today at the Asian session, the cross again was rejected at 20Dsma and trading lower. The intraday support is found at 182.40. On a monthly basis, until the cross closes above 181.50, the long trade remains in play. Bulls are trying to close above 182.40 on a weekly basis. For an intraday view, we recommend fresh buying above 183.00 with targets at 183.75 sl 182.70. Safe buying will be triggered above 184.00. Besides, you are recommended to sell below 182.30 with targets at 182.20, 182.00, and 181.70. We can expect strong momentum only above 184.00. Trading is shifted to 181.50 and 184.00 from 185.00 and 183.50. The panic will be triggered below 181.50 towards 181.00 and 180.00 odd levels.

    Trade: buying sl 182.70.

    Selling below 182.30.

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    Uitgevoerd door, Analytische expert
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