GBP/USD, EUR/GBP And GBP/NZD Daily Forecast
Jason Sen | Jun 02, 2021 08:38AM ET
GBP/USD topped exactly at double top high at 1.4230/40 with a bearish engulfing candle. OUTLOOK NEGATIVE!
EUR/GBP holding first support at 8590/80 for 2 weeks. Keep scalping the levels! GBP/NZD shot higher from important 38.2% Fibonacci & 200 week moving average support plus 55 week moving average & 4.5 year trend line support at 1.9360/20. A potential profit of 220 pips last week.
The pair topped exactly at first resistance at 1.9560/80.
h2 Today’s Analysis/h2GBP/USD collapsed from the double top high at 1.4230/40 with a bearish engulfing candle sell signal to target first support at 1.1475/65, perhaps as far as better support at 1.4120/00 today. Holding here keeps us in a sideways range for the short term. Longs need stops below 100 month moving average support at 1.4080/60. A break lower is a sell signal initially targeting 1.4025/15.
Resistance at 1.4230/40 of course. A break higher meets strong 200 week moving average resistance at 1.4290/1.4300. Shorts need stops above 1.4340.
EUR/GBP holding first support at 8590/80 to target 8625/30 & 8644/50. We topped exactly here. Bulls now need a break above 8665 to retest 8712/19.
First support at 8590/80. A break lower to test the May low at 8558.
GBP/NZD first resistance at 1.9560/80. A break above 1.9600 targets 1.9645/55.
Shorts at first resistance at 1.9560/80 target first support at 1.9490/80. The pair bottomed exactly here as I write. Below 1.9460 risks a slide to 38.2% Fibonacci & 200 week moving average support at 1.9360/50 Further strong support at 50 week moving average & 4.5 year trend line at 1.9330/20. Then the 200 and 100 day moving average at 1.9315/05. A lot of support levels! A break below 1.9295 therefore is a major sell signal.
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