GBPUSD Price Forecast: Either a New Phase of 15-Month Bull Leg or Reversal
2021-05-30 00:00:00
John Kicklighter,
Chief Strategist
GBPUSD, EURGBP, GBPJPY and GBPAUD Technical Forecast Talking Points:
GBPUSD is just below the midpoint of the range carved out over the previous 7 years with the smallest 8-day range since June 2019
A Sterling break seems a high probability in the proximate future (next few weeks) but broader market conditions will dictate timing
Among the Pound crosses, GBPJPY stands out as it ended this past week with a charge to a 5-year range high
Technical Forecast for British Pound: Bearish
There are plenty of markets with impressive technicals to draw upon, but few have the same density of consequential resistance and support as the British Pound crosses. However, the presence of these patterns and barriers does not ensure a critical break – much less follow through. The critical consideration in this technical potential is market conditions such as liqui
(MENAFN - DailyFX) AUDUSD, AUDJPY and AUDNZD Technical Forecast Talking Points: AUDUSD put in for a 1.1 percent advance this past week putting the benchmark market in striking distance of 2021 highs A larger structural bull trend is going through a period of congestion which awaits a clear break between 0.7820 and 0.7560 for AUDUSD AUDJPY is more highly tuned to risk trends with a new two-year high facing heavy Fib resistance while AUDNZD deals with congestion
Technical Forecast for Australian Dollar : Bullish
AUDUSD Rebound Solid but Shy of Two-Month Range Top
With risk appetite under bullish power this past week though the participation in that rally was uneven across different assets the Australian Dollar was in a good position to take advantage of the tail wind. The currency gained across most of its major crosses with AUDUSD making something significant out of a hold at the very end of the past week of the post-Pandemic recovery trendline support and 50-day mo