GBP/USD Trades Sideways In Oversold Conditions; GBP/JPY Loses Gains
Jason Sen | May 11, 2018 02:53AM ET
GBP/USD trades mostly sideways in oversold conditions as expected. Minor resistance at 1.3540 then strong resistance at 1.3590/99. Shorts need stops above 1.3630. A break higher targets 1.3670/75.
A break below yesterday's low at 1.3457 risks a slide to 1.3415/10 but the downside is expected to be limited in oversold conditions.
GBP/JPY I was a day early on my sideways call unfortunately. After a strong bounce in oversold conditions we lost all the gains yesterday. Further sideways action is likely with first resistance at 148.60/65 but above here targets 148.95/99 then resistance at 149.55/65. A push higher then targets 150.10/20.
Failure to beat 148.60/65 targets 148.10/00, perhaps as far as 147.75 before the low at 147.10/04.
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