British Pound, GBP/USD, GBP/JPY – Technical Update:
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The British Pound could also be readying to increase its shedding streak towards the US Dollar. For context, GBP/USD has been aiming decrease since breaking beneath a bearish Head & Shoulders chart formation, opening the door to an more and more downward technical bias. Now, costs have confirmed a breakout beneath the 200-day Moving Average.
That is additional underscoring the bearish GBP/USD view, inserting the give attention to speedy help which is now the May low of 1.2308. This will probably be the following key take a look at. Pushing decrease underscores, the near-term bearish bias. Otherwise, a flip larger locations the main focus again on the neckline of the Head & Shoulders, which is round 1.2592.
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| Change in | Longs | Shorts | OI |
| Daily | 3% | 1% | 2% |
| Weekly | 15% | -13% | 5% |
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Meanwhile, the British Pound can also be shedding floor to the Euro. On the every day chart beneath, EUR/GBP is making an attempt to substantiate a breakout above the 0.861 inflection level and the 100-day Moving Average. While this might open the door to a stronger bullish technical bias for the change charge, the broader horizon stays impartial.
EUR/GBP stays in a consolidative setting between resistance (0.8658 – 0.8701) and help (0.8493 – 0.8519). Recent progress does open the door to revisiting the previous, in addition to the broader falling trendline from February. These might maintain as resistance. As such, there may be extra work for EUR/GBP to do earlier than shifting to a stronger bullish technical bias.
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— Written by Daniel Dubrovsky, Senior Strategist for DailyFX.com
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