EUR/USD Technical View

EurUsd lacked the strength to push through the 1.4600 support level so far, yesterday we saw the par print a new weekly low but it didn’t have the stamina to continue the move form Wednesday. We are pretty much in the same place as yesterday morning, the pair is trading just above the 1.4600 level and is trying to get lower, a break below 1.4600 will confirm the current bearish momentum and will get us closer to the 1.4500 level, the next significant target and support level. Conversely a bounce back from here will bring the pair right back in the 1.4600/1.4835 congestion area.
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

GbpUsd Technical View

GbpUsd has a spectacular development on Thursday, it tested the 1.9700 resistance then fell back to close to 1.9600 only to swing back up again and this time it got as high as 1.9790 before retracing once again. In today’s Asian session the pair traded more calmly but slowly move lower, when the UK news got out, just a few minutes ago, the par fell sharply and broke below the intermediary support at 1.9650 and at 1.9600 and is now getting closer to the 1.9550 area. This last move looks like it might have enough bearish momentum to finally break out of this weeks range and start a stronger move south toward the 1.9180 bearish target. Conversely a bounce from the 1.9550 that will get the pair trading above 1.9600 will force us once again in the range and will have to look at 1.9670 as an important resistance.

Resistance Levels

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

• 2.0365 – September 12th High

Support Levels

• 2.0000 – Round number
• 1.9800 – Round Number
• 1.9670 – August 17th Low
• 1.9180