GBP/USD And GBP/JPY Daily Forecast - 17 July 2018
Jason Sen | Jul 17, 2018 03:22AM ET
GBP/USD sideways but volatile so we have to take a profit quickly if we are lucky enough to see one. We topped exactly at trend line resistance at 1.3285/90 and sold off to to the first target of 1.3030/40. Holding below here today targets 1.3205/00 and 1.3170/60 before the low last week at 1.3110/00, just above the July low at 1.3095/90.
Above 1.3240 allows a recovery to trend line resistance at 1.3285/90. Watch for a high for the day again in the sideways trend. However a break higher meets a selling opportunity at 1.3350/60, with stops above 1.3390.
GBP/JPY key to direction is rising 15 month trend line and 500 wma resistance at 148.90/149.00 today. A break above 149.35 however is a buy signal targeting 149.55/65 and 149.95/99.
Holding mega important resistance at 148.90/149.00 re-targets 148.55/50 but support at 148.10/00 could hold the downside at this stage. Longs need stops below 147.70. A break of the support at 148.10/00 is a sell signal targeting 147.66 and 148.24/20, probably as far as 146.60/50 eventually.
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