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GBPUSD Weekly
–Â Â Â Â Â Â Â Â Â Major Support was violated last week, but pair closed above it
–Â Â Â Â Â Â Â Â Â To continue Down it has to decisively break below and stays below
–          On the other hand – if this was a Correction , time wise it might be end of it
–         Cable tends to have sharp turns – so be aware
Supports : 1.25350 , 1.24850 & 1.23850
Resistances : 1.26050 , 1.26500 & 1.27150
GBPUSD WEEKLY CHART -8 down weeks in a row
EURGBP at .8310 says GBPUSD is being pulled along for the ride by the falling EURUSD.
It has been 8 down weeks in a row so until/unless this pattern changes, it will stay in a sell mode but dependent on EURUSD for direction.
Key focal point is 1.25, solidly below it would be needed to put 1.2444 and the 1.2298 2024 low in play.
1.0220/1.2298 = .,8310
And then I look at a EURUSD chart, as EUR is oner of the underperfrormers.
Waht catches my eye here is a failure just above 1.0655. I also take a Look at a EURJPY chart and as alwats EURGBP to see what is driving the EURUSD.
EURUSD 1 HOUR CHART – 1.05 looms
Yet another run at 1.05 where support is at 1.0496-1.0506.
I ther look at currency charts where the action is.
When I see a sharp move in one direction in USDJPY there is generally an offset in another currency (in this case EUR and/or GBP)._
USDJPY 4 HOUR CHART
What catches my eye is the break of 154.52 (suggests using 154.50)… use it as an intra-day bias indicator
The first item on my checklist when I start the day is to look at bond yields,
So far today UK yields up the most after UK CPI (touch higher than expected), US (note USDJPY correlation with firmer US yields) and German yields up the least (note EURUSD down after failure to hold 1.06+ and weaker EURGBP)
10 Year bond yield snapshot
EURUSD 4 HOUR CHART – NO SURPRISE
It should come as no surprise to see EURUSD gravitate back to 1.0550, which is the bias setting level while within 1.05-1.06
Note firmer EUR crosses (e.g. EURJPY, EURGBP) giving EURUSD support but not enough to break the key 1.0593 level.
So let’s call it consolidation of the downtrend where only a break of 1.0590-00 would shift the risk from 1.0495-10.
GBPUSD DAILY CHART – KEY SUPPORT LOOMS
The Trump Trade is sparing no victims, and this includes GBPUSD, which would put the key 1.2612 on the radar while below 1.2664.
For day traders, use 1.2650 (Power of 50) as a pivotal level as GBPUSD seems to be more of a follower than a leader. .
Resistance starts at 1.2695.
EURGBP 1 HOUR CHART – Chart speaks for itself
You have seen me focus on this cross as a clue to trading EURUSD and/or GBPUSD o I will let the chart speak for itself to explain the weak EURUSD and lagging GB=PUSD.
As I haver offered before, feel free to contact me (link in the top menu bar) if you want me to elaborate.
