Skip navigation

Daily Currencies News from DailyFX

British Pound Crosses Remain In Range

DailyFX

Chart of the Moment



GBP/JPY British pound traders managed to keep the cross confined to a narrow trading range as GBP/JPY stalled around 205.26, a level defended by the combination of the 38.2 Fib of the 192.69-213.03 GBP rally, a 50-day and 20-day SMA’s. As sterling bulls resume their advance and push the cross higher, a move above the 206.00 figure will most likely see GBP/JPY target the yen offers at 208.28, a level established by the 23.6 Fib of the 192.69-213.03 GBP rally. A further move to the upside will most likely see sterling longs extend their advance above the psychologically important 210.00 handle and target 211.10, a level defended by the February 3 daily high, breaking of which will most likely see the cross target offers around 213.10, a level created by the 2005 High. A sustained momentum to the upside will most likely see the GBP/JPY head higher and target the psychologically important 215.00 handle. Indicators are mixed with positive momentum indicator diverging from negative MACD treading below the zero line; with neutral oscillators giving either side enough room to maneuver. 

 




GBP/CHF British pound bulls retreated further as GBP/CHF continued to trade within a trading range that dominated the price action since 2005. As Swiss Franc longs remain in charge of the price action, a move to the downside will most likely see the cross head lower and with a move below 2.2700, a level defended by the 38.2 Fib of the 2.1714-2.3310 GBP rally and is further reinforced by the 50-day SMA target 2.2512, a level 38.2 Fib of the 2.1714-2.3310 GBP rally. A sustained momentum on the part of the Swissie longs will most likely see GBP/CHF head below the psychologically important 2.2500 handle and target pound bids around 2.2323, a level protected by the 61.8 Fib of the 2.1714-2.3310 GBP rally. A further move to the downside will most likely see the cross gain further downside momentum and target the psychologically important 2.2000 handle, a level defended by the 78.6 Fib of the 2.1714-2.3310 GBP rally at 2.2055. Indicators are mixed with negative momentum indicator diverging from positive MACD above the zero line, while oversold Stochastic gives pound bulls a chance to retaliate.

 




GBP/AUD – Pound longs remained narrow trading range as the cross stalled around psychologically important 2.3500 handle, a level defended by the combination of 20-day, 50-day and 200-day SMA’s. As Australian dollar bulls push GBP/AUD lower, a further move to the downside will most likely see the cross target sterling bids around 2.3384, a level established by the 23.6 Fib of the 2.5672-2.2692 AUD rally, which currently acts as a gateway toward the psychologically important 2.3000 handle, a level defended by the December 6 daily low. A further break to the downside will most likely see the cross head lower and target the cable defenses around 2.2679, a level established by the 2005 Low, breaking of which will most likely see the cross accelerate toward the next psychologically important 2.2500 handle. Indicators are favoring sterling longs, with both positive momentum indicator and positive MACD treading above the zero line, while neutral oscillators give either side enough room to maneuver.

 



Please feel free to write us with any questions and suggestions you may have at sshenker@fxcm.com



Search the News
Search using one or more of the following options:
    Symbol  Lookup
Search:
 
 
 
 
 
* Can only be used when searching The Globe and Mail and the newswires. Search Tips 

GlobeinvestorGOLD.com

Only GlobeinvestorGOLD combines the strength of powerful investing tools with the insight of The Globe and Mail.

Discover a wealth of investment information and and exclusive features.

Free E-Mail Newsletters

  • Morning news headlines
  • Morning business headlines
  • Financial highlights
  • Tech alert
  • Leisure

Sign-up for our free newsletters



Back to top