Friday’s bounce fell short of the $1.3445 resistance level with bulls needing a close above this level to confirm an easing of bearish pressure. The $1.3485-90 region remains key resistance to start the new week with bulls needing a close above to confirm a break of the falling daily channel top and see overall focus shift to the $1.3650-00 region where 100 & 200-DMAs are located. While $1.3445 caps bears initially target the $1.3294-33 region
RES 4: $1.3490 Falling daily channel top May/July highs
RES 3: $1.3485 High July 24
RES 2: $1.3453 21-DMA
RES 1: $1.3445 High Aug 1
LPRICE: $1.3401
SUP 1: $1.3366 Alternating hourly support/resistance
SUP 2: $1.3333 2014 low Aug 6
SUP 3: $1.3294 Monthly low Nov 7 2013
SUP 4: $1.3223 High Sept 5 2013 now support
GBP/USD is now extending losses below the 100-DMA with the pair trading at fresh 2 month lows Friday and remaining heavy. Layers of resistance have developed in the $1.6828-94 region with bulls continuing to look for a close above $1.6894 to confirm an easing of bearish pressure and above $1.7003 needed to shift focus back to 2014 highs. Bears remain firmly focused on the $1.6693-1.6738 region with a break below targeting the 200-DMA ($1.6654).
RES 4: $1.6928 Hourly resistance July 30
RES 3: $1.6894 Hourly resistance July 31
RES 2: $1.6863 High Aug 7
RES 1: $1.6828 Hourly resistance Aug 8
LPRICE: $1.6780
SUP 1: $1.6738 Low June 11
SUP 2: $1.6731 Bollinger band base
SUP 3: $1.6718 Monthly Low June 4, Falling channel base
SUP 4: $1.6693 Monthly Low May 29
Bulls take some comfort in the lack for follow through and failure to close below the 21 & 55-DMAs Friday but continue to look for a close back above Y102.45 to confirm a break of the 200-DMA and an easing of bearish pressure. Focus then shifts to the Y102.94-10 region. While the Y102.30-45 region caps bears remain focused on the Y101.07-32 support region with the key 55-DMA noted at Y101.20.
RES 4: Y102.94 High Aug 5
RES 3: Y102.66 High Aug 6
RES 2: Y102.45 Low Aug 5 now resistance
RES 1: Y102.30 200-DMA
LPRICE: Y102.13
SUP 1: Y102.05 Hourly support Aug 11
SUP 2: Y101.50 Low Aug 8
SUP 3: Y101.32 Low July 23
SUP 4: Y101.20 55-WMA
Friday’s bounce from fresh 2014 & 9 month lows has seen immediate pressure shift to the layers of resistance clustered Y137.12-58 with bulls now needing a close above the falling channel top (Y137.58) to confirm an easing of bearish pressure. Bulls then look for a close above the 55-DMA (Y138.13) to end bearish hopes and shift overall focus back to the Y139.30-73 region where 100 & 200-DMAs are located.
RES 4: Y137.58 Falling daily channel top
RES 3: Y137.36 Alternating daily support/resistance
RES 2: Y137.17 21-DMA
RES 1: Y137.12 High Aug 7
LPRICE: Y136.86
SUP 1: Y136.75 Hourly support Aug 11
SUP 2: Y135.73 2014 Low Aug 8
SUP 3: Y134.10 Low Nov 20 2013
SUP 4: Y133.98 Falling daily channel base
After finding support below the 21-DMA last week the EUR/GBP managed the first spike above the 55-DMA (Gbp0.7998) since mid-April with a close above the falling daily channel top and Gbp0.7985 previous resistance confirming an easing of bearish pressure. This now sees focus shift higher with bulls initially targeting the Gbp0.8033-51 region. Bears now need a close below Gbp0.7962 to shift focus back to the Gbp0.7904-15 region.
RES 4: Gbp0.8092 100-DMA
RES 3: Gbp0.8051 Low June 11 now resistance
RES 2: Gbp0.8033 High June 25
RES 1: Gbp0.7998 High Aug 8
LPRICE: Gbp0.7983
SUP 1: Gbp0.7962 Hourly support Aug 8
SUP 2: Gbp0.7915 Low Aug 6
SUP 3: Gbp0.7904 Low July 28
SUP 4: Gbp0.7874 2014 Low July 23
