GBP/USD in a sideways consolidation for 3 weeks from 100 month moving average support at 1.4080/60 up to resistance at 1.4220/40. Trade this range while we wait for a breakout.
EUR/GBP dipped 17 pips below first support at 8590/80 before a good recovery to the first target of 8615/25. We topped exactly here.
GBP/NZD longs at 1.9360/20 worked perfectly on the bounce as far as the May high at 1.9770 last week. To bottomed exactly at strong support at 1.9600/1.9580.
Today’s Analysis
GBP/USD sideways as we hold the double top high at 1.4230/40 with a bearish engulfing candle sell signal. Still holding important 100 month moving average support at 1.4080/60. A break lower is a sell signal this week initially targeting 1.4025/15.
Holding very minor support at 1.4150/60 retests key resistance at 1.4220/40. A break above 1.4250 meets strong 200 week moving average resistance at 1.4290/1.4300.
Shorts need stops above 1.4340.
EUR/GBP holding first support at 8590/80 (again yesterday) targets 8615/25 before first resistance at 8644/50. We topped exactly here. Bulls now need a break above 8665 to retest 8712/19.
First support at 8590/80. A break lower to test the May low at 8558.
GBP/NZD has had a great run from that big support at 1.9360/20 to the May high at 1.9770. The pair collapsed from the May high keeping the pair in a sideways range for a dip to 1.9680/70 & 10 pips from strong support at 1.9600/1.9580. Longs here today need stops below 1.9540. A break lower targets 1.6465/55.
Yesterday we bounced to 1.9680. Minor resistance at the May June high at 1.9770/80.
A break higher tests the April high at 1.9820/25.
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