February 8 2022
Yesterday’s failed attempt to break below 1.3500, will give the GBP bulls hope of further gains to target 1.3560 and then 1.3590.
However, a break back below 1.3500 suggests further weakness to 1.3450/40.
USDJPY tested support at 115.00/114.90 yesterday. This morning the USD is edging higher towards resistance at 115.50, if broken we will see further gains to 115.70 and possibly the recent highs above 116.00.
Alternatively, a break back below 115.00 risks a deeper correction to 114.50 support.
EURUSD continues to find the upside hard going above 1.1450. However this loss of upside momentum has not yet seen a serious attempt to break 1.1400 support.
If 1.1400 support can be broken then the target will be 1.1360/50 and possibly 1.1320 in an extended downside move.
Resistance is found at 1.1460 and 1.1480 which if broken will give renewed hope for a move up to target 1.1530.
Gold is moving up to test resistance at 1824 and possibly the key pivot of 1830/32, a break here would likely spark some short covering and see further gains to 1840 and beyond.
Support is now found at 1812 and again at 1804 then 1798.
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