GBPUSD- A breach of the weekly opening range verified the topside bias noted yesterday with the advance once again eyeing key near-term resistance at 1.4664/83- a level defined by the 2015 low-day close, the February highs, the 100% extension of the advance off the yearly low, the 76.4% retrace of the May decline and slope resistance. A breach here targets the yearly open at 1.4731 backed by the highs at 1.4767. Immediate support rests at 1.4580/88 with our focus weighted to the topside while above the 1.45-handle. Review Latest GBPUSD Scalp Update
GBPJPY- I highlighted this setup in today’s scalp report- similar setup as sterling. Focus remains higher with the rally eyeing some pretty significant resistance targets just higher. 161.75-162, 162.68/80 & 163.50/86 are all levels of interest with a move surpassing these targets likely to mark a more meaningful advance for the pair. I’ll remain constructive while above today’s low.
USDOLLAR Daily

As noted last week, the Dow Jones FXCM U.S. Dollar Index (Ticker:USDOLLAR) remains at risk for a pullback near-term while below 11989. Note that the index is already more than 2.5% off the monthly low & while the broader focus is higher in the greenback, the immediate topside bias is vulnerable. Look for a break of the weekly opening range for guidance with my initial inclination to sell rallies into this region. Review Latest USDOLLAR Scalp Update
Continue tracking all these setup and more throughout the week- Subscribe to SB Trade Desk and take advantage of the DailyFX New Subscriber Discount!
Looking for more trade ideas? Review DailyFX’s 2016 2Q Forecasts
---Written by Michael Boutros, Currency Strategist with DailyFX
Follow Michaelon Twitter @MBForex contact him at mboutros@dailyfx.com or ClickHere to be added to his email distribution list
Join Michael for Live Scalping Webinars on Mondays on DailyFX and Tuesday, Wednesday & Thursday’s on SB Trade Desk at 12:30 GMT (8:30ET)