[Mtl JP]

GBP 1.3288

on the 15min chart you can claerly sse (n play) a H&S formation, currently sitting right on the righ-side shoulder.

[GVI Forex 2]

GBPUSD 30 MINUTE CHART – NEW HIGH BUT…

Resistance: New 2+ year high at 1.3340

Supports: 1.3287, 1.3271, 1.3220

Use 1.33 as the bias setting level

[Belgrade Bobby]

GBPUSD Daily

Supports : 1.32450 , 1.32150 & 1.31800

Resistances : 1.32750, 1.33150 & 1.33450

Road is open for a test of 1.34550 in next couple of days.

[GVI Forex 2]

EURGBP DAILY CHART – KEY SUPPORTS

EURGBP lower post-BOE rate decision

Key support is at .8375, with just .8392 standing in the way.

Back above .8411 would be needed to neutralize the risk

Note tug-of-war between GBPUSSD and EURUSD

[GVI Forex 2]

GBPUSD: More fun and games after a CB rate decision

1.3260 => 1.3314 => 1.3272 => 1.3286 (LAST)

[GVI Forex 2]

BOE unchanged as expected… 8-1 vote vs 7-2 expected… statement taking slightly more hawkish… GBP up

[GVI Forex 2]

GBPUSD MONTHLY CHART – MULTI YEAR HIGH

As we await the BOE decision, I had to go to a monthly chart to see the broader picture, which is GBPUSD trading to the highest levels since early 2022.

Closest key level is yesterday’s 1.3298 high, then a void above it.

Intra-day support starts at 1.3240

[GVI Forex 2]

Thus week’s ranges so far… stops are generaly placed outside the low/high for the week but not sure why anyone would place a stop after a key event kike the fOMC… look at your charts to see key levels outside of these levels

EURUSD 1.1072-1.1146

USDJPY 139.57-1.4246

GBPUSD 1.3111-1.3254

USDCAD 1.3565-1.3515

AUDUSD .6694-.6789

[GVI Forex 2]

GBPUSD 15 MINUTE CHART

To repeat, this is a good illustration of what it is like trading in a semi-illiquid market with many on the sidelines waiting for the FOMC.

GBPUSD backed off after pausing below 1.3266 but remains above 1.32,.

1.32 will be pivotal post-FOMC

[GVI Forex 2]

GBPUSD DAILY CHART

Key resistance is t the 1.3266 high… high so far 1,3254 and then backing off

Move up suggest real money buying (note my earlier pot above EURGBP) with many traders sitting on their hands ahead of the FOMC

Note US bond yields moving up pre-FOMC (10-year at 3.69%)

[GVI Forex 2]

Worth noting USDJPY touched 142 but went no farther (last 141.72)

GBP getting some flows after inflation data… EURGBP extending its low (last .8409)

Otherwise it is a wait and see until Fed time, USD is a touch softer

Bond yields a touch higher

Stocks holding up

But a new ball game after the Fed decision

Until then, market bets are still for a 50bps rate cut, not sure if it is based on hope, prayer or a stronger conviction.

[GVI Forex 2]

EURGBP 4 HOUR CHART – WHY DID GBPUSD FAIL TO HOLD 1.32 (1.3155) WHILE EURUSD (1.1120) IS STILL ABOVE 1.11

Look no further than this EURGBP chart to explain the price action in the two component currencies

[Belgrade Bobby]

GBPUSD 4h

Supports : 1.32100 , 1.31950 & 1.31750

Resistances : 1.32300 , 1.32400 & 1.32650

Watch this bar – in 2h will close : if Above 1.32150 is Bullish, if Below 1.32050 – Not good.

If Cable wants to continue in Up trend, needs to overcome today 1.32650.

[GVI Forex 2]

GBPUSD 4 HOUR CHART – Back above 1.32

GBPUSD is closer to its recent high (1.3266) than a slightly lagging EURUSD (1.1201) as reflected in a softer EURGBP.

Resistance 1.3238, 1.3266

Support i.3200 (keeps a bid while above it), 1.3187, 1,3150

[GVI Forex 2]

GBPJPY 4 HOUR CHART – DOUBLE BOTTOM

Is the double bottom the low or just a pause?

The jury is out but at a minimum it suggests a pause.

[Belgrade Bobby]

GBPUSD Daily

Supports : 1.31150 , 1.30550 & 1.30000

Resistances : 1.31550 , 1.31900 & 1.32450

Pretty clear situation , with two scenarios :

–          1.30550 holds it’s grounds – we’ll be turning Up

–          1.30550 taken out – we’ll be gunning for 1.28500

Close tonight is very important and might give us a clue on coming days.

I’ll post an update late tonight.

[GVI Forex 2]

So far

EURUSD 1.11, GBPUSD 1.3150, USDJPY above 140.21 (low 140.36) proving tough

[GVI Forex 2]

GBPUSD continues its rebound off 1.30 while EURUSD follows with a lag.
‘
Key resistance is at 1.3111.

[GVI Forex 2]

EURUSD paused above 1.10 but remains below 1.1050-55

GBPUSD found support at 1.30 but is still below its 1.3087 breakdown level

USDJPY set a new low at 140.70 and then bounced… 142 is its current bias setter

Stocks staged a nice rebound led by tech… my focus is on US500 5500 as its pivotal level but 5600+ would be needed to suggest more legs to this rebound.

XAUUSD sets new record high,.. close vs old 2531 high is important

What stands out to me is EURUSD and GBPUSD finding support above key pivotal levels \

All of this as we wait for the next key event => the FOMC

[GVI Forex 2]

GBPUSD DAILY CHART – 1.30 Pause

With GBPUSD pausing just above 1.30, it is far enough from its 100 (blue) and 200 (yellow) daily mvas to  consider whether this is still just a retracement.

In this regard, see retracement levels using our Fibonacci Calculator