GBP/USD remains under pressure while EUR/JPY, USD/JPY recover
GBP/USD tries to hold at support while EUR/JPY, USD/JPY recover.
GBP/USD remains under pressure
On Thursday GBP/USD has once again been rejected by the 55-day simple moving average (SMA) at $1.2673 and slid to $1.2613. Below it lies the February-to-March uptrend line at $1.2608 which may offer support. Further down lies the mid-January low at $1.2597.
While the cross remains below last week's high at $1.271, further range trading is likely to be seen.
The $1.271 level needs to be bettered for the $1.275 area to be back in sight. This outlook will remain valid while the early-February low at $1.2519 underpins.
EUR/JPY is topping out
EUR/JPY has rapidly fallen from its ¥163.72 late-November high through its ¥161.86 January high to ¥161.69 on Thursday before recovering. This low was made close to the 13 February high at ¥161.63.
Minor resistance remains to be seen at Wednesday's ¥162.76 low.
Only a fall through the 15 February low at ¥160.92 would threaten the medium-term uptrend.
USD/JPY recovers lost ground
USD/JPY's rapid fall towards the ¥148.93-80 support zone, made up of the 19 and 23 January as well as 5 February highs and 12 February low, gave way to another leg higher being made.
While the February highs at ¥150.83-88 cap, though, a toppish bearish reversal pattern remains in play.
Minor support can be spotted at the 20 February ¥149.69 low.
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