Technical Analysis

GBP/USD holding its ground above 1.31 ahead of critical data

Published on 2020-01-24 11:23 Share
EURUSD-24-01-2020

USD/JPY

USD/JPY is extending the recovery from overnight lows near 109.25. The pair is currently trading at 109.53, having bounced up from the overnight low of 109.27 with the yen failing to gain ground on the back of upbeat Japanese inflation data. USD/JPY is expected to find support at 109.38 and a fall through could take it to the support level of 109.25. On the other side, resistance stands at 109.62 and a rise through could take it to the level of 109.87.

USDJPY-24-01-2020​​

 

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
1 DAY 108.80 109.03 109.30 109.53 109.80 110.03 110.30
1 WEEK 108.79 109.12 109.64 109.97 110.49 110.82 111.34
1 MONTH 106.80 107.61 108.11 108.92 109.42 110.23 110.73
 

EURUSD

EUR/USD battling 1.1050 after the ECB, ahead of critical PMIs. The pair is consolidating its losses around 1.1050 after the ECB's cautious message on Thursday. Focus is on ECB’s Lagarde, as she will speak later on. Also, PMIs are eagerly awaited. EUR/USD is expected to find support at 1.1027 and a fall through could take it further to the support level of 1.1000. On the other side, resistance stands at 1.1061 and a rise through could take it to the next resistance level of 1.1182.

EURUSD-24-01-2020

 

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
1 DAY 1.0952 1.0994 1.1025 1.1067 1.1098 1.1140 1.1170
1 WEEK 1.0972 1.1029 1.1060 1.1117 1.1148 1.1205 1.1236
1 MONTH 1.0825 1.0914 1.1063 1.1152 1.1301 1.1390 1.1539
 

GBPUSD

GBP/USD is seen holding its ground above 1.31 ahead of critical PMIs. The pair has been trading close to 1.3125 with US dollar retreating and ahead of Markit's preliminary PMIs, key figures that may determine the Bank of England's decision next week. GBP/USD is expected to find support at 1.3100 and a fall through could take it to the next support level of 1.3071. On the other side, resistance stands at 1.3145 and a rise through could take it to the next resistance level of 1.3178.

GBPUSD-24-01-2020

 

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
1 DAY 1.3038 1.3067 1.3092 1.3122 1.3147 1.3177 1.3201
1 WEEK 1.2952 1.2994 1.3069 1.3111 1.3186 1.3228 1.3304
1 MONTH 1.2312 1.2604 1.2932 1.3224 1.3552 1.3844 1.4172
 

GOLD

Gold prices lack momentum while trading around $1,559.50 during early Friday. Even so, the bullion stays inside a short-term ascending trend-channel formation that portrays the strength of the underlying momentum. Gold is expected to find support at 1,555.90 and a fall through could take it to the support level of 1,552.20. On the other side, resistance stands at 1,562.70, and a rise through could take it to the level of 1,567.00.

GOLD-24-01-2020

 

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
1 DAY 1539.10 1545.20 1555.30 1561.40 1571.50 1577.60 1587.70
1 WEEK 1516.74 1526.57 1543.44 1553.27 1570.14 1579.97 1596.84
1 MONTH 1409.74 1434.77 1478.94 1503.97 1548.14 1573.17 1617.34

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