After their breakouts on the longer-term charts, these pound pairs are droppin’ fresh formations on their hourly time frames today.
Check ’em out while they’re hot!
GBP/JPY: 1-hour
GBP/JPY 1-hour Forex Chart
Bullish on the pound? Better look at this ascending triangle pattern on Guppy!
The pair formed higher lows and found resistance around 163.60, and support is being tested right this moment.
Technical indicators seem to be suggesting that the triangle bottom could still keep gains in check. The 100 SMA is above the 200 SMA while Stochastic is on the move up, both hinting that buyers have the upper hand.Just be careful since GBP/JPY has already dipped below both moving averages, so these could hold as dynamic resistance levels.
If bulls keep charging above these inflection points, the pair could find itself back at the triangle top or even higher.
On the other hand, a break below the triangle support around 161.50 could set off a drop that’s the same height as the pattern. That’s close to 400 pips yo!
EUR/GBP: 1-hour
EUR/GBP 1-hour Forex Chart
Next up is this new uptrend that EUR/GBP is trying out.
The pair is gearing up for another test of the ascending channel bottom, which is close to the 61.8% Fibonacci retracement level.
Euro bulls seem to be defending the support zone and might be able to take EUR/GBP back up to the nearby resistance levels.If you’re bullish on this one, you might wanna set your sights on the .8500 major psychological level near the swing high or the very top of the channel.
After all, technical indicators are suggesting a return in bullish vibes, with a moving average crossover taking place and Stochastic heading north from the oversold area.
Good luck and good trading, fellas!
