After Kyle blew my technical analysis right out the window and a few counties over, I’m going to keep it brief today. It was like pulling out of the showroom in a brand new BMW and at the first set of lights having someone pull up in an Aston Martin hot off the forecourt.
Luckily for you (but not for my pride) Kyle will be in a little later to wow us once again. Until then I’ll put up some simple levels for your perusal.
GBP/USD found firm footing towards the lower trend line and though the overall trend favours the upside we’ve got a short term down channel developing. We’ve been up and down over the 100 H4ma for a few days and as of writing are challenging the level agina after hitting highs of 1.5287. Other levels to note are the 50 fib level at 1.5281 which although broken we can’t hold, and the 55 H4ma at 1.5295.
EUR/USD Still a very pitiful range for the pair. Even EUR/CHF is showing more signs of life. However, we are moving. Following this mornings dip below the 200 H4ma at 1.2991 we’ve risen and are trying to hold above the 100 H4ma at 1.3016. If we do manage to stay above and produce a close then we could well target the 55 dma at 1.3073 which has mainly kept us in check for the second half of this month.
Other levels of note.Strong support at 1.2950 held the move down and the 200 DMA at 1.2927 is further down.
Upside we have mild resistance at 1.3062 and 1.3084