GBP/USD rallies into trendline resistance
GBP/USD has seen an incredibly volatile 24 hours, with tax reform and Brexit news benefitting the dollar and pound in turn. The rally we have seen has taken the price back above the $1.3338 level, which represents the top of its two-month range.
While this points towards the potential for further upside, it is worthwhile noting that we could see trendline resistance respected. As such, either look for retracements, or a break through trendline resistance, to point towards potential buying opportunities.
USD/JPY rallies back into crucial resistance level
USD/JPY managed to rally back into the ¥111.66 level last night, following on from the news that the US tax reforms took another positive step.
That level is going to be crucial in determining the next move from here, with an hourly close above ¥111.66 pointing towards further upside. However, until that happens, we have a clearly defined bearish trend in place, which highlights the possibility of further downside.