Bears now focus on the $1.1015-1.1137 region initially with overall focus having shifted to the $1.0765 Sept 2003 monthly low. Initial resistance is noted on the hourlies at $1.1392 but bulls need a close back above $1.1540 to confirm an easing of bearish pressure. Overall a close above the $1.1680 resistance level is needed to end bearish hopes and shift initial focus back to $1.1792-1.1897 with the 21-DMA at $1.1807
RES 4: $1.1680 High Jan 21
RES 3: $1.1606 Falling daily channel top
RES 2: $1.1540 Low Jan 21 now resistance
RES 1: $1.1392 Hourly resistance Jan 22
LPRICE: $1.1318
SUP 1: $1.1288 Falling daily channel base
SUP 2: $1.1137 Low Sept 12 2003
SUP 3: $1.1015 High Sept 1 2003 now support
SUP 4: $1.0765 Monthly Low Sept 3 2003
The sharp correction lower from marginal fresh highs for the week before GBP/USD headed lower confirm focus on the 2013 low. Layers of resistance have accumulated with bulls needing a close above $1.5057 to ease bearish pressure. $1.5213-1.5333 remains key overall with a close above to shift focus higher. A break of the 2013 low would see immediate focus shift to levels last seen in 2010. The Bollinger band base is seen as the key concern for bears.
RES 4: $1.5247 21-DMA
RES 3: $1.5212 High Jan 22
RES 2: $1.5057 Low Jan 20 now resistance
RES 1: $1.5027 Hourly resistance Jan 23
LPRICE: $1.4990
SUP 1: $1.4876 Falling daily trend line projection
SUP 2: $1.4869 Bollinger band base
SUP 3: $1.4818 2013 Low July 9 2013
SUP 4: $1.4648 2010 Low June 17 2010
The ¥118.86 level continues to cap and confirm its significance as resistance. Bulls need a close above this level to confirm breaks of the 21-DMA (¥118.78) and 55-DMA (¥118.51), shifting immediate focus to the ¥119.90-98 region. While ¥118.86 caps bears retain the upper hand but need a close below ¥117.18 to confirm bearish focus on the ¥115.44-85 region. The Bollinger band base is expected to limit follow through on a break lower and is the key concern for bears.
RES 4: ¥119.98 Jan 8
RES 3: ¥119.90 Falling daily trend line
RES 2: ¥119.32 High Jan 12
RES 1: ¥118.86 High Jan 13 & 20
LPRICE: ¥118.49
SUP 1: ¥118.24 Hourly support Jan 23
SUP 2: ¥117.18 Low Jan 21
SUP 3: ¥116.50 Bollinger band base
SUP 4: ¥115 85 2015 Low Jan 16
Failure at the ¥136.67 level earlier in the week has resulted in a continuation of the sell-off and a break of the 2014 low in Asian trading. The fresh 14 month low sees immediate focus shift to the ¥133.13 Nov 11 2013 low and overall focus to the ¥131.27 Nov 2013 monthly low. Layers of resistance accumulate with bulls needing a close above ¥135.79 to ease bearish pressure. Overall a close above ¥138.93 is now needed to shift focus back to layers of resistance clustered ¥140.09-141.76.
RES 4: ¥138.93 Hourly resistance Jan 14
RES 3: ¥136.67 High Jan 20
RES 2: ¥135.79 Low Jan 21 now resistance
RES 1: ¥135.06 Hourly resistance Jan 23
LPRICE: ¥134.15
SUP 1: ¥133.13 High Nov 11 2013 now support
SUP 2: ¥132.40 Bollinger band base
SUP 3: ¥131.27 Monthly Low Nov 7 2013
SUP 4: ¥129.97 Monthly Low Sept 6 2013
As the EUR/GBP continues to remain heavy it has now broken to fresh almost 7 year lows with immediate focus having shifted to the £0.7517 level and overall focus to the £0.7114-0.7239 region last seen in Dec 2007. Bulls now need a close above £0.7595 to ease bearish pressure and hint at a shift in focus back to the now key £0.7715-46 region where the 21-DMA is located. The Bollinger band base and O/S daily studies remain key concerns for bears
RES 4: £0.7746 High Jan 15, 21-DMA
RES 3: £0.7715 High Jan 21
RES 2: £0.7677 High Jan 22
RES 1: £0.7595 Low Jan 16 now resistance
LPRICE: £0.7551
SUP 1: £0.7517 Low Feb 26 2008
SUP 2: £0.7392 Monthly Low Jan 25 2008
SUP 3: £0.7239 High Dec 12 2007 now resistance
SUP 4: £0.7114 Low Dec 17 2007