A technical look at some GBP pairs
A technical look at the EURGBP, GBPJPY, and GBPNZDThe GBP is leading the way to the upside today. The GBPUSD is up above the 200 day MA at 1.24055 for the first time since September 25.
What about some of the other GBP currency pairs.
The EURGBP has continued to run lower from the earlier post HERE. The price action has seen a number of breaks of technical levels including:
- The 100 day moving average, at 0.89732
- The 100 hour moving average 0.89522
- 38.2% retracement 0.89289
- 200 hour moving average at 0.89207
- 50% retracement at 0.89014
- swing level and upward sloping trendline at 0.8880-88 (see green circled numbers)
- 61.8% retracement at 0.8874
The next target on the downside comes against a swing area at 0.88439-466 (see red numbered circles). Below that, the 200 day moving averages back in play at 0.88248.
The close risk for the pair would be a move back above the 0.8888 area (swing area).
The GBPJPY has move most recently above its 100 day moving average at 133.37, and as I type is breaking above a swing area at the 133.86 to 133.99 area. The pair is currently trading at 134.20 (above the high from the chart). The next target comes in at the 134.60 level. That is home to swing highs going back to mid-September. A move above that opens the door for a run toward the September high at 135.740.
Risk for the Longs is now at the 133.86 swing low area. More conservative stops for Longs looking for more upside would come in at the 61.8% retracement at 133.709 or even the broken 100 day moving average at 133.372.
The GBPNZD is another pair that has reversed sharply higher from recent downward momentum. The pair actually made a solid low over the last 3 trading days at the 1.9309 level. Buyers against those levels earlier in the day were rewarded with the unscheduled good news (or perceived good news).
Technically the price moved above its 100 and 200 hour moving averages b(lue and green lines). Close to the 200 hour moving average was a downward sloping trendline, that also shifted the bias more to the upside.
The pair has now broken above the 38.2% retracement and more recently its 50% retracement at 1.96529. That is close risk now for longs.
The next target comes in at the 1.97057 swing hi from October 3. The 61.8% retracement at 1.9734 and the swing high from October 1 at 1.97715.