GBP/USD: A Break Higher Is A Buy Signal Targeting 1.3255/60 And 1.3285
Jason Sen | Mar 07, 2019 12:51AM ET
GBP/USD bounced to strong resistance at 1.3200/10. Shorts need stops above 1.3225.
A break higher is a buy signal targeting 1.3255/60 and 1.3285. On further gains look for 1.3315/20.
Failure to beat 1.3200/10 targets 1.3160/55 then minor support at 1.3095/85. On further losses look for strong support at 1.3050/40.
GBP/JPY reversed from just below the most important resistance of the week - the 500-week moving average at 148.80/90 and collapsed to good support at 146.80/70. We bottomed exactly here and a bounce is possible to 147.45/55. We are on the way as I write. Try shorts with stops above 147.80. A break higher could retest a selling opportunity at 148.50/60. Shorts need stops above 148.95.
We are holding good support at 146.80/70 but a break below 146.60 is a sell signal targeting 500-day moving average support at 146.35/30. A break below 146.10 is the next sell signal.
/h3
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