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Currency cross fans huddle up!

We’re all about the pound today as we check out basic support and resistance levels on EUR/GBP and GBP/AUD.

Which pair will you most likely trade?

GBP/AUD: 4-hour

GBP/AUD 4-Hour Forex Chart
GBP/AUD 4-Hour Forex Chart

GBP/AUD is about to hit the 1.8100 levels after finding support at the 1.7900 handle.

As you can see, 1.8100 lines up with a support and resistance area for the pair. Not only that, but it’s also near the 100 SMA this time around!

Can pound bears defend 1.8100 as a resistance today? We’re still a few pips away from seeing an actual retest so y’all still have time to whip up trading plans if you’re planning on taking this one.

Shorting at the first signs of bearish pressure at 1.8100 would make for a decent trade especially if the pound drops back down to the 1.7900 June support.

If GBP/AUD does break above 1.8100, however, then you can also catch pips by waiting for a break above the 100 SMA and then aiming for June’s highs.

EUR/GBP: 4-hour

EUR/GBP 4-Hour Forex Chart
EUR/GBP 4-Hour Forex Chart

Holla if you’re a trend playa!

EUR/GBP is consolidating just above .9000, which isn’t surprising since it’s right at a trend line and 100 SMA support. Oh, and check out the level serving as support and resistance since mid-May!

Can the euro extend its uptrend against the pound? Buying at current levels and then aiming for June’s highs would yield a sweet reward-to-risk ratio.

If you’d rather short the euro against the pound, though, then you can also wait for a clear break below the 100 SMA and then aim for areas of interest closer to .8935 or .8900.

Forex Chart Settings:

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