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GBP/USD
Today, no major data is due on the pound. Traders are alert to BoE Governor Carney's speech in London tomorrow. Ahead of Carney's speech the pair is trading with a positive bias at the Asian session. We are bullish for the British pound against crosses, but still remain cautious about the US dollar. The support seems at 1.5030. The cable has been rejected twice at 50-Dsma closed at a 4-week low. The cable has parallel support between 1.4990 and 1.4950. The monthly support seems at 1.4810. In case, the price closes below 1.4950, we can expect 1.4800 in the medium term and 1.4350 in the longer term. The cross EUR/GBP is also weighing on the pound. The eurozone is the major trading partner with the UK. We recommend fresh intraday selling below 1.5030 with targets at 1.4990 and 1.4960. The panic will be triggered below 1.4950 towards 1.4560 initially. Until the prices close below 1.5200, the near-term bearish view remains on play. Until the prices close below 1.5300, the intra month bearish view remains on play. We recommend intraday buying above 1.5080 with targets at 1.5120 and 1.5170. The strong momentum will ignite only above 1.5170. In Friday’s article, we recommended selling below 1.5190 with targets at 1.5170, 1.5140 and 1.5100. The cable made a low at 1.5032.
Resistance: 1.5070, 1.5175, 1.5200.
Support: 1.5030, 1.4990, 1.4950.
Trade: selling below 1.5030.
GBP/JPY
Japan's fourth quarter GDP rose less than expectated. The economy grew 0.4% in Q4 GDP. At Friday’s session, the cross broke below 20Wsma and closed below it. The pair made a double top at 185.00. The cross broke and closed below the strong support base of 183.50. These factors represent bearish views, the last hope lies at 181.20. The weekly support is seen at 181.47 and 181.20 or 50Dsma. Today at the Asian session, the cross managed to hold the previous day’s low. The intraday support is found at 181.47. On a monthly basis, until the cross closes above 181.20, the long trade remains in play. Bulls are trying to close above 183.25 on a weekly basis. For an intraday view, we recommend buying with sl 181.20 with targets at 182.20 and 182.50. We can expect strong intraday momentum above 182.50. Safe buying will be triggered above 182.00. Besides, you are recommended to sell below 181.20 with targets at 181.10 and 180.50. We can expect strong momentum only above 184.00. Trading is shifted to 181.50 and 184.00 from 185.00 and 183.50. The panic will be triggered below 181.50 towards 181.00 and 180.00 odd levels.
Trade: buying sl 181.20.
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