British Pound Technical Outlook: GBP/USD, EUR/GBP, GBP/JPY, GBP/AUD
British Pound Technical Forecast
- GBP/USD may set the stage for its next medium-term move ahead
- EUR/GBP is struggling to commit to the push above key resistance
- GBP/JPY and GBP/AUD are looking to well-defined rising support
GBP/USD Technical Outlook
The British Pound aimed cautiously lower against the US Dollar this past week as prices look to perhaps achieving a technical breakout ahead. GBP/USD remains wedged in-between falling resistance (blue line on the chart below) and rising support (pink line). Taking out 1.2905 opens the door to reversing the defining uptrend from September. Otherwise, prices may turn higher towards highs from early 2019.
GBP/USD Daily Chart
EUR/GBP Technical Outlook
EUR/GBP continued trading sideways as prices refrained from committing to the upside break through falling resistance from August 2019. The pair arguably remains boxed in by resistance at 0.8592 and support at 0.8420. There may be a cautious upside bias upheld by the near-term rising trend line from the middle of December (red line below). A push above 0.8592 exposes the psychological barrier between 0.8787 – 0.8810.
Forupdates on the British Pound this week, including on the election, follow me on twitter here@ddubrovskyFX.
EUR/GBP Daily Chart
As GBP/JPY traded sideways off peaks from the end of last year, it is fast approaching what may be a potential rising trend line from September. That places key support at 140.69 to 141.51. A push through this psychological area opens the door to reversing the key uptrend. Otherwise, taking out resistance at 143.78 – 144.13 exposes peaks from December.
GBP/JPY Daily Chart
GBP/AUD turned lower after testing former resistance which is a range between 1.9013 – 1.9094. That left the pair facing rising support from July which is upholding the defining uptrend. Taking it out exposes the December low at 1.8653. In the event of a bounce and breach through resistance, that places the focus on highs from last month (1.9013 – 1.9523).
GBP/AUD Daily Chart
--- Written by Daniel Dubrovsky, Currency Analyst for DailyFX.com
To contact Daniel, use the comments section below or @ddubrovskyFX on Twitter
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