GBP/USD rally continues its bullish trend
GBP/USD continues to gain, as the pair resumes the strong uptrend in place over the past month. With recent upside having broken through a number of importance resistance points, there are few key levels to watch out for. As such, any notable retracements are likely to be bought.
Near-term, that means any move down to the 61.8% ($1.4691) or 76.4% ($1.4679) would be ideal for new longs. Whether that pullback occurs or not remains to be seen.
However, the bullish view remains unless we see a break through the near-term support at $1.4660.
USD/JPY continues to tumble
Dollar weakness completed a hat-trick, with USD/JPY continuing to fall sharply since last week’s BoJ inaction. In a similar manner to EUR/USD and GBP/USD, any pullback will be seen as an opportunity to get into the trend.
Key near-term resistance levels are at 106.13 and 106.82, with support at 105.22 (200-week simple moving average).