[GVI Forex 2]

GBPUSD 1.3179 is close by

Bulls need to hold the line to avoid exposing 1.3144

[Belgrade Bobby]

GBPUSD 1H

As I mentioned last night, Cable needs a correction , to be able to continue Upwards.

Supports : 1.31850 , 1.31350 & 1.30950

Resistances : 1.32200, 1.32450 & 1.32650

Expect a double take ( after this initial move down, a spike up and another test of down side)

[GVI Forex 2]

GBPUSD 4 HOUR CHART – Is the high in?

To suggest the high is in 1.3179 would need to be firmly broken.

Otherwise, 1.32 is pivotal in keeping the bid.

On the upside, there are no stops left unless a new high is made.

[GVI Forex 2]

EURUSD 4 HOUR CHART – Is the high in or just a retracement?

EUR has been a weak link as can be seen on its crosses, especially EURGBP.

The failure to retest 1.12 puts the downside at risk but only if it stays below 1.1150. A break of 1.1098 would negate this latest leg up.

Retracement levels–
‘
Using 1.1098-1.1201, 61.8% = 1.1137 (vs 1.1135 low)

1.1120 = 76.8%

[Belgrade Bobby]

GBPUSD Daily

Supports : 1.32250, 1.31800 & 1.31600

Resistances : 1.32500, 1.32850 , 1.33100 & Target at 1.33600

Cable reached about 600 pips in this straight forward Rally, and now it is anybody’s guess when the 200-250 pips correction might start.

Long term traders might start taking profit at these levels, as possible extra gains are not worth a risk right now.

For us Intraday traders , there isn’t a problem – just follow the small waves 😀

[Mtl JP]

gbp at 2x top at 1.3239
–
YESSS unpopular decision !

Reuters
Starmer signals pain and ‘unpopular decisions’ to fix Britain
Prime Minister Keir Starmer said on Tuesday he would have to take unpopular decisions, raising the possibility of “painful” taxes on the rich and … that … Britain’s problems would only get worse before getting better.

[GVI Forex 2]

USDJPY low 144.23

Posted earlier: Now needs to stay above 144.57 (suggests 144.50 as well) or risk shifts back to 144.20-25.

GBPUSD just ran some stops to a new high but still below 1.3250 and buying seems to be coming from crosses (EURGBP .8435)

Stock getting some relief from better consumer sentiment.

Sums up a market waiting for Nividia tomorrow and US PCE and month end Friday.

[GVI Forex 2]

GBPUSD 4 HOUR CHART – NEW HIGH

UK is back and GBP is in demand, both vs, the USD and on some of its crosses (EURGBP breaks below .8450)

When in unchartered waters 92+ year high), the most recent new high becomes key resistance.

The 1.3230 high has been extended, marginally so far. To guess at the next resistance zone, it would be 1.3250-80 if 1.3230 becomes support.

In any case, GBPUDD maintains a bid as long as it trades above 1.3180-00, stronger bid if above 1.3230..

[GVI Forex 2]

Main mover has been USDJPY which has tested 14)5 (high 145.17), a clear bias setting level and the midpoint of 143.59-146.50.

GBPJPY has so far been an outperformed.

No news other than an uptick in US yields

Note Monege’s 145.25 level cited yesterday

[GVI Forex 2]

Hi Michael

It depends on your time horizon.

I am happy with the EURUSD bounce off the 50% FIBO accompanied by EURGBP bounce off .8450 lending support.

[GVI Forex 2]

Sweet bounce

EURUSD held 1.1150 => EURGBP held .8450

EURUSD last at 1.1160

[GVI Forex 2]

A bit of a tug-of-war between EURUSD (weaker) and GBPUSD (off on the day but holding a bid) as EURGBP slips to a new day low.

Key support is at Friday’s .8451-52 low, suggesting .8450 is the key support.

[Belgrade Bobby]

GBPUSD 4H

Supports : 1.31800, 1.31450 & 1.31300

Resistances : 1.32100, 1.32250 & 1.32600

Close of this bar below 1.31900 would signal some kind of a correction to the downside – or sideways to down.

However close above 1.32050 would hint a possibility of breaking above the resistance channel line at 1.32250 and continuation of this sharp Up trend.

Cable is in the Up Trend, and even deeper corrections (  1.30 area) wouldn’t change it.

[GVI Forex 2]

I don’t remember a time when all the key currencies were focused on pivotal levels, which will dictate respective tones going forward.

(EURUSD 1.12, USDJPY 145, GBPUSD 1.32, USDCAD 1.35, AUDUSD .68)

See our

Weekly FX Charts Update

 

[GVI Forex 2]

I have mentioned this before – beware of one-way Fridays once the dust settles.

This is setting up as one of those days, meaning USD offers lying in wait.

Pivotal levels to watch in all key currencies

EURUSD 1.12
GBPUSD 1.32
USDCAD 1.35
USDJPY 145
AUDUSD .68

[GVI Forex 2]

GBPUSD above 1.32 is at highest level since March 2022

Stay alert BOE Gov Bailey to speak.

[GVI Forex 2]

Stops run in GBPUSD above 1.3142 as Powell speaks

[GVI Forex 2]

GBPUSD MONTHLY CHART – 2023 HIGH STILL LOOMS

Major level remains at the 1.3142 = 2023 high

Should it be broken, I would use 1.3150 as well to confirm.

A failure to take out 1.3142 would be glaring.

On the downside, a break of 1.3076 would be needed to dent the upside risk and suggest a top is in..

Note, a weaker EURGBP (last .8469) continues to BE A Source of GBPUSD demand while EURUSD is up (slightly) on the day but lagging due to cross offsets so keep an eye on this cross.

Otherwise, a long wait until Powell’s speech.

[GVI Forex 2]

EURGBP DAILY CHART – TUG-Of-WAR

Break of .8500 makes this the pivotal BIAS SETTING level with little on charts until .8382-8407

This has created a tUg-of-war between EURUSD )trading below 1.1150) and GBPUSD (extending high with the 2023 peak at 1.3141 looming above).

Note 100 (blue) and 200 (yellow) mVas

[Belgrade Bobby]

GBPUSD Daily

Supports : 1.31050, 1.30750 & 1.30350

Resistances : 1.31300, 1.32050 & 1.36200

1.32050 being a top of the channel might prove hard to crack – at least on the first attempt.

However, Cable has a tendency to break every and any level, so wouldn’t surprise me if we see it above – if not this, then next week.