*To view the original Forex Update 2020 analysis and post, please click here*
GBP Pairs – Weekly Charts
GBP pairs are either indecisive and ranging or down-trending. Weekly moving averages are crossing frequently or at least moving sideways, signalling market indecision.
GBPAUD – price swung higher and was bullish (as suggested in our last 2020 analysis). GBPAUD is now looking indecisive. Trading opportunities may exist around the previous trend support area (as resistance) and around the horizontal levels at 1.6025, 1.7275, 1.7700, 2.0375 and 2.1875.
GBPCAD – has reversed around the range resistance area (as suggested in our last 2020 analysis). Price still ranging between 1.5775 and 1.8250. Trading opportunities could exist around the support and resistance areas of the range and if GBPCAD closes out of the range (break-out trade).
GBPCHF – price has been down-trending. Price action has formed a bearish channel. Opportunities to go short may exist around the dynamic resistance of the moving averages, around the bearish channel resistance area and around the horizontal resistance levels at 1.3350 and 1.3725. A bearish move could find support around 1.1450 and the channel support area.
GBPJPY – reversed around the range support area (as suggested in our last 2020 chart analysis). GBPJPY is ranging between 126.75 and 155.25. Trading opportunities could exist around the support and resistance areas of the range, around the diagonal resistance area and if price closes out of the range (break-out trade).
GBPUSD – trading opportunities may exist around the diagonal resistance area, around the moving averages and around any of the identified horizontal levels at 1.1600, 1.3350, 1.4250 and 1.5875.
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