From a technical perspective, the British Pound is appearing increasingly vulnerable to the US Dollar and Japanese Yen. Will GBP/USD and GBP/JPY continue lower from here?
We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.Oct 3, 2023Oct 2, 20232023-10-02 14:38:54Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Gold: -0.59% Oil -...has continued making downside progress in the aftermath of a bearish Head & Shoulders chart formation. Now, recent losses have brought the exchange rate to the 78.
There is a positive RSI divergence, which shows that downside momentum is fading. That can at times precede a turn lower. But, the 20- and 50-day moving averages remain sloping lower. These may hold as resistance, maintaining the broader downside focus. Further losses place the focus on the March low of 1.1804.The Japanese Yen has been slightly more resilient to the British Pound compared to the US Dollar. GBP/JPY remains idling above the 180.
A breakout lower offers a stronger bearish technical bias, exposing the 23.6% Fibonacci retracement level at 179.35. Below that is the 38.2% point of 174.77. Meanwhile, immediate resistance are the near-term moving averages. Breaking above would offer a neutral bias, placing the focus on the August peak of 186.76.Leveraged trading in foreign currency or off-exchange products on margin carries significant risk and may not be suitable for all investors.
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