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    Technical analysis and trading recommendation of GBP against USD,YEN for March 16, 2015

    GBP/USDMonday is scheduled to be a quite important day for the UK.The pound fell against USD after BOE Governor Carney's speech. Last week, the cable fell 4 consecutive days with 2 steep fall days. The cable grounded towards the lowest level since mid-2013. The cable made a low at 1.47000. We advised, in case the price close below the level of 1.4810, it can extend its fall another 500 pips. The cross EUR/GBP is also weighing on the pound. The eurozone is the UK's major trading partner. The UK is slowly approaching its general election scheduled for May. Market participants expect the pound to get under a downward pressure. Today, the cable opened on a bullish note. We recommend fresh selling below 1.4738 for risky traders and safe traders can start selling below 1.4700 with target at 1.4580 in the near term and at 1.4350 in the medium term. We expect the pair to hit 1.4350 or 1.4200 before May/June. After the UK's election we expect the bottom will be formed. We recommended selling below 1.4800 at the session on Friday. The cable made a low at 1.4700. Intraday resistance is seen at 1.4765 and 1.4850. Weekly resistance is seen at 1.4980 and 1.5030. Until price closes below 1.5030, bearish view remain in play. The pound is likely to start moving towards new lows in case data printed above the expectations.Trade: Buying sl 1.4738 - risky traders onlySelling below 1.4700
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    GBP/JPY

    Monday is scheduled to be a quite important day for the pound and yen. This week is packed with central banks decisions. The BoJ monetary policy is due for release on Tuesday. Oil prices continue to be ander pressure. The pound sterling extending its 1-month low against the yen post Carney's speech and disappointing data from the UK. Today, the yen is trading lower against the pound at the Asian session. The cross closes below 50Dsma, represents near and short-term outlook remains bearish. On a weekly basis, the cross closes below 20Wsma and is trading below it. Until the price closes below 181.65, the bearish view remains in play. For the last 2 sessions, we advised traders to remain calm until we get a clear picture. We expected the pair is likely to choose on downside support 180.00, but it breaks and closes below that. The cross is trading in the support zone around 177.95 and 177.80, 200Dema and 200Dsma respectively. We forecasted a bearish head and shoulder pattern in the h4 chart, but we did not advise shorting aggressively. We advised minimum 178 and 176.50 on the down side in case the price closes below 180.00. The pair made a low at 178.23. Monthly support is found at 176.70 50Wsma. Intraday resistance is seen at 180.00 and 180.20. Weekly resistance is seen at 181.50 and 181.65. Intraday support is found at 178.85 and 178.60. The panic will be triggered in case price closes below 177.80.

    Trade: selling below 178.60 with targets at 178.00 and 177.80. Panic below 177.80

    Levels to watch- 177.95 177.80 last hope at 177.60. These are valid for this week.

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