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It’s a brand spankin’ new trading month, fellas! Get a running start with these hot setups on GBP/USD and GBP/JPY that might get you in on some interesting support and resistance plays. Check it!

GBP/USD: Daily

GBP/USD Daily Forex Chart
GBP/USD Daily Forex Chart

Here’s a nice and simple support and resistance play for ya! Cable just broke below the 1.3780 area, which had held as support back when it was tested in mid-February and mid-January.

If the mid-channel support doesn’t hold, then you might want to look at the 1.3550 psychological handle that had served as resistance in late 2017.

Question is, will Cable drop down to the previous area of interest? Or will the bulls step in at the mid-channel support line and extend Cable’s uptrend?

Watch this one closely, fellas!

GBP/JPY: Daily

GBP/JPY Daily Forex Chart
GBP/JPY Daily Forex Chart

GBP/JPY just passed the 147.50 mark, which has been serving as resistance and support for Guppy since April 2017.

What makes the level more interesting is that it’s also near the 200 SMA. Oh, and look at the small bullish divergence that’s forming on the chart!

The pair is now trading about 75 pips below the area of interest, so there might be a breakout situation going on here. A break above the rising trend line on the chart would confirm if the pound is in for more pain against the yen.

If 147.50 holds, however, then we might see a bounce back up to the 150.00 major psychological handle or even a trip to the previous highs near 155.75.

What do you think? Which direction will GBP/JPY most likely go to?

Forex Chart Settings:

Slow Stochastic: 14,3,3
100 SMA: Blue line
200 SMA: Red line4