Weekly Technical Analysis Report 10 June – GBPUSD played out nicely, bearish play seen on GBPJPY
Weekly Technical Analysis Report 10 June – GBPUSD played out nicely, bearish play seen on GBPJPY
1. Last week’s outlook on GBPUSD: Bullish play seen
On the daily time frame, prices broke above a key resistance area signalling bullish order flow, with bullish divergence seen on the RSI. On the H2 time frame, a throwback to the support area at 1.2480, which coincides with the graphical support area, ascending trend line, 38.2% Fibonacci retracement, 1.272% and 78.6% Fibonacci extension presents an opportunity to play the bounce, with 1.2650 as the resistance target. RSI is seeing room for more upside before it reaches it’s the overbought region as well.
Before:
Coloured candles represent our projection
After:
https://www.tradingview.com/chart/GBPUSD/6MvTY9Ui-Outlook-on-GBPUSD-Bullish-play-seen/
2. This week’s outlook on GBPJPY: Bearish play seen
On the daily time frame, prices are holding below a key resistance level at 168.50 where we could see a reversal below this level. On the M30 time frame, prices are showing bearish order flow with the recent break of the swing low. A pullback to test the supply zone at 167.80, in line with the 61.8% Fibonacci retracement and 61.8% Fibonacci extension could present an opportunity to play the drop from this level to the next demand zone at 166.20. Ichimoku cloud is showing signs of bearish pressure as well, in line wth our bearish bias.
Outlook on GBPJPY: Bearish play seen by Salzworth on TradingView.com
