Watch out, we’ve got a badass over here! The pound is putting up a strong fight against the Japanese yen, as GBP/JPY had just bounced off the long-term rising trend line on its daily time frame. To top it off, the pair has formed higher lows while stochastic made lower lows, creating a bullish divergence. Do you think it’ll go all the way up to its previous highs around 160.00?
Now here’s a potential break and retest scenario on USD/CAD. The pair has just broken below the daily rising trend line but has recently made a quick pullback as well. The 61.8% Fib retracement level held like a boss, as a doji candlestick formed right there. With stochastic already crossing down from the overbought zone, a selloff until the pair’s recent lows near 1.0200 might be in the cards.
Last but not least, here’s a swing setup that might require a little more patience from y’all. GBP/USD seems to be having trouble heading further north, as the pair looks ready to make a huge retracement. It could pull back to the 1.5600 major psychological level, which is right smack in between the 38.2% and 50% Fib levels. Make sure you wait for stochastic to reach the oversold zone before you jump in a long trade though!