Technical Analysis

Pound Trades Flat after the Brexit Vote Rejection

Published on 2019-01-16 09:38 Share
USDJPY

USDJPY

USD/JPY pair is feeling the pull of gravity in Asia, having established 108.75 as stiff resistance over the last 24 hours. The currency pair is currently trading 108.43. The uptick in the anti-risk Japanese yen is likely an indication that the overnight improvement in the risk sentiment could be transient. USD/JPY is expected to find support at 108.33, and a fall through could take it to the support level of 108.15. On the other side, resistance stands at 108.65, and a rise through could take it to the level of 108.81.

USDJPY-16-01-2019

 

 

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 107.75 107.97 108.32 108.54 108.89 109.11 109.45
WEEKLY 106.53 107.15 107.85 108.47 109.17 109.79 110.49
MONTHLY 103.83 106.69 108.14 111.00 112.45 115.31 116.76

 

 

EURUSD

EUR/USD charted bearish outside candle yesterday, courtesy of Brexit vote and ECB's dovish turn. Draghi's dovish comments will likely keep the EUR under pressure today, while a broad-based USD strength and political uncertainty in the UK could weigh over the pair. EUR/USD is expected to find support at 1.1380 and a fall through could take it further to the support level of 1.1345. On the other side, resistance stands at 1.1448, and a rise through could take it to the next resistance level of 1.1477. 

EURUSD-16-01-2019

 

 

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1.1256 1.1319 1.1366 1.1429 1.1477 1.1539 1.1587
WEEKLY 1.1204 1.1298 1.1384 1.1478 1.1564 1.1658 1.1744
MONTHLY 1.1111 1.1189 1.1330 1.1408 1.1549 1.1627 1.1768

 

GBPUSD

GBP/USD took a beating after Prime Minister May's Brexit deal was voted down by parliament. The drop to 1.2668, however, was short-lived as the pair recovered the lost ground to close largely unchanged. The pair is currently trading at 1.2857 ahead of the London market. GBP/USD is expected to find support at 1.2805 and a fall through could take it to the next support level of 1.2765. On the other side, resistance stands at 1.2900, and a rise through could take it to the next resistance level of 1.2930.

GBPUSD-16-01-2019

 

 

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1.2479 1.2576 1.2723 1.2820 1.2968 1.3064 1.3212
WEEKLY 1.2582 1.2644 1.2743 1.2805 1.2904 1.2966 1.3065
MONTHLY 1.2179 1.2328 1.2543 1.2692 1.2907 1.3056 1.3271

 

GOLD

Gold is currently trading close to $1,292, having clocked a high and low of $1,295 and $1,287 yesterday, respectively. Gold prices are edging up today in Asia as political uncertainty in the U.K. boosted demand for the safe-haven metal. Gold is expected to find support at the level of 1,286.60 and a fall through could take it to 1,282.00 level. On the other side, resistance stands at 1,295.78, and a rise through could take it to the next resistance level of 1,298.50.

Gold-16-01-2019

 

 

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1277.89 1282.32 1285.89 1290.32 1293.89 1298.32 1301.89
WEEKLY 1262.66 1271.43 1280.46 1289.23 1298.26 1307.03 1316.06
MONTHLY 1183.20 1204.90 1243.10 1264.80 1303.00 1324.70 1362.90

 

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