GBP/USD - GBP/JPY Daily Forecast - March 6, 2019
GBP/USD bottomed exactly at the next downside target of 1.3095/85. On further losses look for strong support at 1.3050/40. Strong resistance at 1.3200/10. Shorts need stops above 1.3230.
GBP/JPY reversed from just below the most important resistance of the week - the 500-week moving average at 148.80/90 & collapsed to good support at 146.80/70. We bottomed exactly here and a bounce is possible to 147.45/55. Try shorts with stops above 147.80. A break higher could retest a selling opportunity at 148.50/60. Shorts need stops above 148.95.
We are holding good support at 146.80/70 but a break below 146.60 is a sell signal targeting 500-day moving average support at 146.35/30. A break below 146.10 is the next sell signal.