8DC FX

Technical Analysis GBPUSD, EURUSD, & USDJPY

June 29 2022

Having clearly failed above 1.2300 again the GBP finds itself at weekly lows, close to an area of support at 1.2160/40 a break down here will bring 1.2100 into play and possibly 1.2060. in extension.

Political worries about Brexit and domestic strikes are keeping the pressure on the UK economy and the Pound.

The nearest resistance on the upside is going to be found at 1.2240, and if broken the GBP should head towards 1.2280 and possibly 1.2300/10.

EURUSD D1

EURUSD failed to break 1.0600, and after a couple of attempts the resolve of the EUR Bulls seems to have wilted somewhat.

The inevitable drift lower after the upside failure, has seen the EURUSD slip down, but not out, yet!

Strong support remains untested at 1.0500/1.0480. However, a break down at 1.0480 would signal further weakness to 1.0440/20 in an extended drop.

Should the EUR find some upside momentum resistance is found at 1.0560 a break up here would signal another run at 1.0600/10.

USDJPY D1

USDJPY has yet to retest the recent highs of 136.60. Finding immediate resistance at 136.30/40 a tough nut to crack for the time being.

While this area of resistance caps you could see some consolidation, or possibly a drop to the first area of support at 135.80/70. Which if broken would allow test of our pivot at 135.40.

However, should resistance break at 136.40 the outcome will be a short rally to 136.60, and new highs towards 137.00.

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Published by Neil Callard

Forex Trader and Educator. 30 years trading experience, of which 20 years was market making in major currencies in large international financial institutions.

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