January 26 2022
Yesterday cable found good buying interest at 1.3440 support. The GBP has subsequently bounced back towards 1.3530/40. Should we see a break of 1.3540 and you will see further advances to the 1.3580/90 area of resistance.
However, a failure to break 1.3530/40 would be a signal for the bears to take control, and push the GBP back to 1.3470, and possibly try another attempt to break 1.3440.
USDJPY remains unable to break resistance above 114.10, and this morning in Asian trade it looks like it may attempt another drop to key support at 113.50. If broken you will see further losses to 113.00/112.90.
However, if the USD can recover and break 114.10/20 the next upside target is 114.40/50.
EURUSD attempted to break the support at 1.1270/60 and although it looks to have failed this time, the EURUSD upside looks somewhat limited. There are sellers at 1.1330/40 and then at the 1.1360/70, ahead of the key resistance at 1.1400.
If we do break below 1.1260 you will find more support at 1.1220 and then 1.1180.
Gold managed to hit our 1852 target yesterday before dropping back on profit taking.
This morning you should find support from buyers at 1846/1844. While resistance remains at 1852/1854 , if Gold can break this resistance look for gains towards 1860.
However a break of 1844 support could see further losses to 1838 or even 1830 again.
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