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GBP Technical Analysis Overview: GBPUSD, GBPJPY, EURGBP

GBP Technical Analysis Overview: GBPUSD, GBPJPY, EURGBP

2019-02-11 09:00:00
Justin McQueen, Analyst
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GBP Analysis and Talking Points

  • GBPUSD | Downside Break May See low 1.28s
  • GBPJPY | Bearish Bias Has Eased, Key Fibo Holds
  • EURGBP | Lack of Buying above 0.8800

See our Q1 FX forecast to learn what will drive the currency throughout the rest of the year.

GBPUSD | Downside Break May See low 1.28s

GBPUSD remains soft with the pair testing 1.2900. Momentum indicators continues to point towards a bearish set up. However, the 23.6% Fibonacci Retracement at 1.2885-90 keeps the pair afloat. A firm break on the downside could increase scope for a test of 1.2850, before support at 1.2830 comes into focus. On the topside, naturally resistance resides at the psychological 1.30 handle.

GBPUSD PRICE CHART: Daily Time Frame (May 2018 – Feb 2019)

GBP Technical Analysis Overview: GBPUSD, GBPJPY, EURGBP

Chart by IG

GBPJPY | Bearish Bias Has Eased, Key Fibo Holds

Key Fibo support at 141.60 continues to curb GBPJPY from further losses. While momentum indicators keep the outlook bearish, this has somewhat eased slightly, which in turn may see choppy price action in the short-term. Near-term base is situated at the pivotal 140.00 handle, however, break above the descending trendline from the November peak could spark further upside towards 145.00.

GBPJPY PRICE CHART: Daily Time Frame (Jun 2018– Feb 2019)

GBP Technical Analysis Overview: GBPUSD, GBPJPY, EURGBP

Chart by IG

EURGBP | Lack of Buying above 0.8800

Lack of buying interest above 0.8800 has seen EURGBP back to the mid 0.87s. Alongside this, momentum indicators are beginning to signal a slight bearish bias, consequently raising scope for a move to the low 0.87s. However, with DMI’s somewhat choppy, price action may be range-bound in the near-term.

EURGBP PRICE CHART: Daily Time Frame (Oct 2018 – Feb 2019)

GBP Technical Analysis Overview: GBPUSD, GBPJPY, EURGBP

Chart by IG

G10 FX Technical Analysis Overview

--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at Justin.mcqueen@ig.com

Follow Justin on Twitter @JMcQueenFX

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