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GBP/USD, GBP/JPY, DXY Charts & More

GBP/USD, GBP/JPY, DXY Charts & More

Paul Robinson, Strategist

Technical Outlook:

  • GBP/USD below support, acting weak
  • GBP/JPY bouncing off support but could weaken
  • DXY broke short-term corrective pattern

The GBP/USD is below a trend-line and the most recent swing-low, putting in position to sink further. This morning it tested former support, now resistance, and thus far turning down. Staying below ~12540 will be important for the bearish outlook. If selling pressure reasserts itself we could see a move down towards the 122/12100-area.

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GBP/USD 4-hr Chart (at pivotal spot)

GBP/USD 4-hr chart

GBP/USD Chart by TradingView

GBP/JPY is bouncing off a lower parallel, but like GBP/USD it could be in trouble here soon if it can’t hold a bid. A decline below 13175 will put the pair in position to drop further and have it below the lower parallel.

GBP/JPY daily Chart (lower parallel)

GBP/JPY daily chart

GBP/JPY Chart by TradingView

DXY broke a short-term corrective pattern within a trend, which implies that we should see lower levels ahead. There is a trend-line from 2018 below around the 95.80 level that could keep the Dollar from falling too far. But nevertheless the near-term path of least resistance looks lower.

DXY 4-hr Chart (broke wedge)

DXY 4-hr chart

DXY Chart by TradingView

For all the charts we looked at, check out the video above…

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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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