GBP/USD: Expect Limited Downside; GBP/JPY Outlook Positive
Jason Sen | Jan 16, 2018 05:48AM ET
GBP/USD buy signal targeting 1.3760/70, 1.3795/99, 1.3830/40 (almost hit), 1.3855 and 1.3895/99. We should eventually see 1.4000/20 and perhaps even as far as 1.4320.
The downside is expected to be very limited but we want to buy or add to longs on weakness try at 1.3735/30 and 1.3695/85. GBP/JPY longs at at 152.15/10 seeing almost 100 pips potential profit as I write. Outlook remains positive as we beat 152.95/99 to target 153.30 and 153.55/65 highs.
Downside should be limited again with minor support at 152.30/20 then a buying opportunity at 152.10/00, although I very much doubt we will see this level today.
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