Recent rallies have been unable to break above the 21-DMA with the resulting sell-off Friday having seen immediate focus return to the $1.1260 support. Bears look for a close below this level to reconfirm the bearish bias and immediate focus on 2015 and 11+ year lows. Bulls need a close above $1.1541 to shift focus higher. Daily studies are back at neutral levels and well placed should another leg lower commence.
RES 4: $1.1661 38.2% Fibonacci retracement 1.2571-1.1098
RES 3: $1.1541 Low Jan 21 now resistance
RES 2: $1.1388 21-DMA
RES 1: $1.1364 Hourly resistance Feb 9
LPRICE: $1.1314
SUP 1: $1.1260 Low Jan 28
SUP 2: $1.1224 Low Jan 27
SUP 3: $1.1097 2015 Low Jan 26
SUP 4: $1.1015 High Sept 1 2003 now support
Recent gains above the 21-DMA Friday stalled at the falling daily trend line before the GBP/USD retreated. The 21-DMA remains key support this week with bears needing a close below to end bullish hopes and confirm focus on the $1.4951-89 region. Bulls now need to see a close above the 55-DMA to see bulls regain the upper hand, shifting focus to the 100-DMA around $1.5639.
RES 4: $1.5384 55-DMA
RES 3: $1.5370 50.0% Fibonacci retracement 1.5788-1.4951
RES 2: $1.5355 High Feb 6
RES 1: $1.5283 Hourly support Feb 5 now resistance
LPRICE: $1.5221
SUP 1: $1.5200 Low Feb 9
SUP 2: $1.5152 21-DMA
SUP 3: $1.5139 Low Feb 4
SUP 4: $1.5082 Hourly support Feb 3
The recovery that has followed recent hesitation around the ¥117.00 level has resulted in bullish focus having returned to the 2015 and 2014 highs with overall focus having returned to the weekly Bollinger band top. Bears continue to look for a close below the ¥119.22 support to ease bullish pressure whereas a close below the 21-DMA is needed to shift overall focus lower once more. The Bollinger band top at ¥120.19 remains they key concern for bulls and is limiting follow through.
RES 4: ¥125.03 Weekly Bollinger band top
RES 3: ¥121.85 2014 High Dec 8
RES 2: ¥120.78 2015 High Jan 2
RES 1: ¥120.48 High Feb 11
LPRICE: ¥120.28
SUP 1: ¥119.96 Hourly support Feb 12
SUP 2: ¥119.22 Hourly support Feb 10
SUP 3: ¥118.33 Low Feb 10
SUP 4: ¥117.95 21-DMA
Recent topside pressure on the ¥135.79 level resulted in a close above and a shift in bullish focus to layers of resistance in the ¥138.94-142.07 region where key DMAs are located. Initial support has developed on the hourlies at ¥135.66 but bears need to see a close below ¥133.68 to confirm a break of the 21-DMA, ending bullish hopes and shifting overall focus back to the ¥129.97-132.27 region. Bulls now look for above ¥137.67 to add support to the bullish case.
RES 4: ¥139.56 High Jan 14
RES 3: ¥138.94 High Jan 14
RES 2: ¥137.75 Bollinger band top
RES 1: ¥137.65 High Jan 20, 38.2% Fibo 149.80-130.02
LPRICE: ¥136.09
SUP 1: ¥135.66 Hourly resistance Feb 11 now support
SUP 2: ¥134.89 Hourly support Feb 10
SUP 3: ¥134.59 21-DMA
SUP 4: ¥134.04 Low Feb 10
The £0.7595 level confirmed significance with the steady recovery from 2015 lows topping out at this level before reversing sharply lower. Bearish pressure has resulted in fresh 2015 and 7+ year lows with immediate bearish focus having shifted to the daily Bollinger band base. Bulls now need a close above £0.7462 to ease bearish pressure and above £0.7520 to shift focus back to the key £0.7595 level
RES 4: £0.7715 High Jan 21
RES 3: £0.7595 Low Jan 16 now resistance
RES 2: £0.7520 Hourly support Feb 2 now resistance
RES 1: £0.7462 High Feb 9
LPRICE: £0.7433
SUP 1: £0.7407 Hourly support Feb 12
SUP 2: £0.7385 2015 Low Feb 11
SUP 3: £0.7341 Bollinger band base
SUP 4: £0.7239 High Dec 12 2007 now resistance