GBP/JPY made 80 pips last week and technically looks BULLISH whilst we remain above the 200 sma. Above 140.42 takes the price above the descending trend line shown and opens up a move to 148.56.
Below the 200 sma at 140.42 opens a move down to retest 136.37.
BUY above 140.42
SELL below 139.70
Resistance at 141.06 mat present a SHORT opportunity.
GBP/USD remains in the lower third of the 23.6 to 0.00 Fibonacci level as it attempts to recover 1.2346 support that failed on Wednesday. A move below 1.2218 opens a possible retest of 1.1914.
BEARISH fundamentally and only a move above 1.2706 shifts the trend to BULLISH.
Very light GBP news week with just the Annual Budget Release Wednesday and Manufacturing...
Following Trump's inauguration last Friday the BEARISH tone to the USD looks certain to remain and we've been SHORT SPX500 from 2264 in the belief that this market is overbought and due a correction.
With the USD declining and the Dollar Index heading south, we are expecting more dollar weakness which should boost all USD pairs although not at the same rate. With...