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    Technical analysis and trading recommendations on GBP against USD & YEN for March 10, 2015

    Analysis of GBP against USD & YEN

    We remain buyers of the GBP against the yen, we exercise cautioun against the USD.

    GBP/USD Monday was scheduled to be a quiet day for the UK. Today, traders eye Carney's speech. The cable erased half of its losses at yesterday's session. Ahead of Carney's speech the cable 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 UK is slowly approaching its general election scheduled in May. Market participants expect the pound to get under downward pressure. In the US, JOLTS job opening data is due today. A trading pattern is framed between 1.5140 and 1.5030. Today at the Asian session, the cable was unable to overcome yesterday's session. The support seems between 1.5080 and 1.5030. The cable has parallel support between 1.4990 and 1.4950. The monthly support is seen at 1.4810. In case, the price closes below 1.4950, we can expect 1.4800 in the medium term and 1.4350 in the longer term. The cross EUR/GBP is also weighing on the pound. The eurozone is the major trading partner of the UK. We recommend fresh intraday selling below 1.5080 with targets at 1.5030, 1.4990, and 1.4960. The panic will be triggered below 1.4950 towards 1.4560 initially. Until the prices close below 1.5250, the near-term bearish view remains on play. Until the prices close below 1.5300, the intra-month bearish view remains on play. At yesterday's session, we recommended intraday buying above 1.5080 with targets at 1.5120 and 1.5170, the cable made a high at 1.5137. The strong momentum will ignite only above 1.5170. Resistance: 1.5070, 1.5175, 1.5200. Support: 1.5030, 1.4990, 1.4950. Trade: selling below 1.5080. Buying above 1.5140.

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    GBP/JPY After Japan's GDP release, the cross moves higher at yesterday's session. Japan's fourth quarter GDP rose less than expected. The economy expanded 0.4% in Q4. At yesterday's session, the cross managed to trade above 20Wsma and closed next to 20Dsma. These factors prove a bullish outlook in coming days. The weekly support is seen between 181.47 and 181.20 or 50Dsma. Today at the Asian session, the cross was unable to breach yesterday's high. The parallel resistance seems at 183.70. The intraday support is found between 183.15 and 182.85. On a monthly basis, until the cross closes above 181.20, the long trade remains in play. We are bullish for the British pound against crosses, but still remain cautious about the US dollar. At yesterday's session, we recommended buying with sl 181.20 with targets at 182.20 and 182.50. The cross made a high at 183.58. We can expect strong intraday momentum above 183.60. Safe buying will be triggered above 183.70 with targets at 184.00 and 184.25. Besides, you are recommended to sell below 181.20 with targets at 181.10 and 180.50. 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. We advise traders to move their stop loss to 182.80 from 181.20. New upswing looms above 184.20. In case the price closes above 184.20, it can extend its rally towards 185.00 and 186.85. Trade: buying sl 181.20 remains in play.

    Intraday trade: buying above 183.60, safe buying above 183.70.


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    Uitgevoerd door, Analytische expert
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