GbpUsd Technical View

GbpUsd just poked once again the 2.0100 support level and right as this commentary is written the pair is trading slightly under the trendline that marks the lower side of the bullish channel. So far the pair has traded within our expectations between the 2.0200 resistance and the 2.0100 support for the last couple of days but we have a piece of news(BOE minutes) coming from the UK central bank today that could have a major effect on the pair and start a more serious move. Breaking below the current lows brings us closer to our Fibonacci Expansion target at 2.0020 area and will possibly open up the 2.00 round area as the next major support zone on the charts. Conversely a move higher will have to break the 2.0200 resistance which so far has proven to be a strong one.

Resistance Levels

• 2.1148 – Nov 9th High
• 2.1065 – Nov 7th High
• 2.0650 – July 24th High

Support Levels

• 2.0460 – August 3rd High
• 2.0365 – September 12th High
• 2.0200 – Round number

 

EUR/USD Technical View

Euro printed a second consecutive doji like bar on Tuesday trading around the 1.4400 level, and being contained inside Monday’s range. Just like yesterday morning we are seeing the pair trading a few pips lower after today’s Asian session getting very close to the 38.2 Fibonacci retracement line of the October-November move north that established the current YTD high at 1.4967. We are still waiting for a breakout at first outside yesterday’s 70 pip range and than to see a continuation of that move and break Monday’s levels. A dash lower will have to get below the above mentioned fibonacci level and head for the next one the 23.6 Fib at 1.4242 which is very close to an ascending trendline we have marked on our chart that is connecting former yearly highs and has turned from a resistance line into a support one.

Resistance Levels

• 1.5000– round number
• 1.4966- Nov 23rd high
• 1.4735 –Nov 9th High

Support Levels

• 1.4500- round number
• 1.4300 – Sept 30th High
• 1.4000 – Round number
• 1.3850 – July 24th High