The continued failures at the $1.2845 level confirm its significance as resistance with bulls needing a close above to add support to the case for a continuation higher that initially targets the $1.2995 level. Bears continue to look for a close below $1.2700 to confirm a break of the 21-DMA, reconfirming bearish pressure and shifting immediate focus back to the $1.2501-1.2605 region with overall focus returning to $1.2042-1.2241.
RES 4: $1.2959 38.2% Fibonacci $1.3701-1.2501
RES 3: $1.2902 High Sept 23
RES 2: $1.2880 Bollinger band top
RES 1: $1.2845 Hourly resistance Oct 16
LPRICE: $1.2725
SUP 1: $1.2700 21-DMA
SUP 2: $1.2625 Low Oct 15
SUP 3: $1.2605 Low Oct 10
SUP 4: $1.2501 2014 Low Oct 3
Despite recent pressure on the 21-DMA GBP/USD bulls have been unable to capitalize with the pair pulling back from the $1.6184 level. Initial resistance is now noted on the hourlies at $1.6142 but bulls but with layers of resistance $1.6142-1.6228 bulls need a close above $1.6228 to confirm a break higher with immediate focus then shifting to the $1.6417 level. While $1.6184 caps immediate focus remains on the $1.6030 support and overall focus on 2014 lows.
RES 4: $1.6343 High Sept 25
RES 3: $1.6228 High Oct 9
RES 2: $1.6184 High Oct 21
RES 1: $1.6142 Alternating hourly support/resistance
LPRICE: $1.6127
SUP 1: $1.6104 Hourly support Oct 20
SUP 2: $1.6030 Hourly support Oct 17
SUP 3: $1.5940 Low Oct 16
SUP 4: $1.5929 Bollinger band base
Recent flirtations with the 55-DMA resulted in a bounce back towards the ¥107.60 resistance that has so far confirmed its significance. Failures ahead of ¥107.60 confirm bearish dominance with bears looking for a close below the 55-DMA to add weight to the bearish case initially targeting the ¥104.28-68 region. Bulls need a close above ¥107.60 to confirm an easing of bearish pressure with a close above ¥108.74 remaining needed to shift focus back to the ¥110.09-68 region.
RES 4: ¥109.25 High Oct 7
RES 3: ¥108.74 High Oct 8
RES 2: ¥108.00 21-DMA
RES 1: ¥107.60 Hourly resistance Oct 13
LPRICE: ¥106.90
SUP 1: ¥106.13 55-DMA
SUP 2: ¥105.50 Low Oct 16
SUP 3: ¥105.19 Low Oct 15
SUP 4: ¥104.68 Low Sept 5
The recovery from the ¥134.10 level appears to have come to an end ahead of the 21-DMA with the pair looking a little heavy once again. Immediate focus remains on the ¥135.69 level with the pair having marginally dipped below ¥135.75 overnight. Bulls now need a close above the 21-DMA to hint at further topside. While the 21-DMA caps bears retain the upper hand with a break lower that targets the ¥134.10 level remaining favoured.
RES 4: ¥137.97 High Oct 8
RES 3: ¥137.77 100-DMA
RES 2: ¥137.28 Alternating hourly support/resistance
RES 1: ¥137.18 21-DMA
LPRICE: ¥136.03
SUP 1: ¥135.69 Low Oct 21
SUP 2: ¥135.00 Bollinger band base
SUP 3: ¥134.10 Low Nov 20 2013
SUP 4: ¥131.20 Monthly Low Nov 7 2013
The move lower continued Tuesday before the pair found support ahead of the 21-DMA. Bears continue to look for a close below the 21-DMA to confirm an end to bullish hopes and see overall focus shift to the 2012 & 2014 lows in the £0.7764-66 region. The £0.7951 resistance is key with bulls needing a close above to confirm a break of 55 & 100-DMAs and target £0.8067.
RES 4: £0.8094 200-DMA
RES 3: £0.8067 Monthly High Sept 10
RES 2: £0.7985 Hourly resistance Oct 16
RES 1: £0.7951 Alternating hourly support/resistance
LPRICE: £0.7888
SUP 1: £0.7873 21-DMA
SUP 2: £0.7850 Low Oct 10
SUP 3: £0.7820 Low Oct 2
SUP 4: £0.7766 2014 Low Sept 30
