January 25 2022
The Pound suffered another day of losses yesterday as more soft data from the UK weighed on the market. This was assisted by additional scandals for poor old UK PM Boris Johnson.
The GBP may look soft at the moment but don’t forget the Bank of England will be raising interests rates soon in an effort to beat inflation.
Support at 1.3440 held yesterday, and provided it remains in place there is scope for the GBP to recover to 1.3530 resistance. However if 1.3440 is broken expect further weakness to the region of 1.3400/1.3380.
USDJPY finding support on the dip to 113. 50 yesterday. However, the USD recovery ran out of steam ahead of resistance at 114.20/30.
The USD looks likely to continue to consolidate in its recent recent range for today.
If we can break 114.30 expect further gains to 114.70. However a break to the downside at 113.50 would bring a test of 113.00
EURUSD failure to break 1.1360 has seen a return of downside pressure. The market looks like it wants to test 1.1280 again and possibly extend down to 1.1240/30.
Resistance is now found at 1.1340 and if broken we will see another attempt to take our 1.1360/70 ahead of strong 1.1400 resistance.
Gold continues to find support on dips to 1830/1828
Resistance at 1844/1846 is the barrier to further gains to 1852. However, a break of 1828 would signal an upside failure and see the yellow metal drop back to wards 1812
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