GBP/USD And GBP/JPY Daily Forecast: May 24 2018
Jason Sen | May 24, 2018 03:42AM ET
GBP/USD bounces to minor resistance at 1.3375, with minor resistance at again at 1.3420. Stronger resistance at 1.3460/70 is more of a challenge.
Further losses look likely despite severely overbought conditions as we wait for a buy signal. Below 1.3300 meets longer term Fibonacci support at 1.3260/55...I will watch for a buy signal here - wait and see.
GBP/JPY in free fall yesterday to 145.93 on the breakout. 50% of the gains from the 2017 low have now been lost. A break below 145.90 risks a slide as far as the low this year at 145.07/144.97.
First resistance at 146.85/90 could hold a rally. Above here look for a selling opportunity at 147.75/85.
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