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GBP/USD & GBP/JPY Charts: Pound Set Up to Rally Against Dollar, Yen

GBP/USD & GBP/JPY Charts: Pound Set Up to Rally Against Dollar, Yen

Paul Robinson, Strategist

British Pound Highlights:

  • GBP/USD congestion pattern set to lead to higher levels
  • GBP/JPY triangle still intact above 13936

GBP/USD continues to act well after the historically strong rally last month, a good sign for those looking towards longer-term levels. The little dip we got this week might be all there is before October 21 high at 13012.

A breakout beyond last month’s high will have the trend-line from July 2014 in play, the slope that runs over the 2018 high as well. This long-term trend threshold is also in confluence at this time with the May high at 13176.

In the near-term, a bit more sideways price action may unfold before Cable trades higher, but as long as we don’t see a pervasive downswing unfold that takes 12768, higher prices are anticipated.

GBP/USD Daily Chart (congestion solid, higher levels look likely)

GBP/USD & GBP/JPY Charts: Pound Set Up to Rally Against Dollar, Yen

GBP/USD Chart by TradingView

GBP/JPY came out of triangle to start the week but quickly reversed to put it into question. However, despite the chance of a fake-out turning into selling, price held the lower end of the triangle keeping in play the idea of seeing a continuation rally develop. As long as 13936 holds, so does the congestion pattern. Sustained trade above 14157 is seen as having GBP/JPY rolling towards the February 2018 trend-line and horizontal resistance at 14376.

Trading Forecasts and Educational Guides for traders of all experience levels can be found on the DailyFX Trading Guides page.

GBP/JPY Daily Chart (set up to run)

GBP/USD & GBP/JPY Charts: Pound Set Up to Rally Against Dollar, Yen

GBP/JPY Chart by TradingView

***Updates will be provided on the above thoughts and others in the trading/technical outlook webinars held at 1030 GMT on Tuesday and Friday. If you are looking for ideas and feedback on how to improve your overall approach to trading, join me on Thursday each week for the Becoming a Better Trader webinar series.

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---Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at @PaulRobinsonFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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