7th – 11th October
GBPUSD – interesting past few trading days on the sterling/dollar exchange rate as uncertainty is expressed amongst market participants as price consolidates around the $1.2350 – $1.22842 zone. In the midst of all of the uncertain price action movements – price has triggered in evident higher lows (which is easily viewable from the daily perspective). We can expect a upward climb on this instrument to re-visit the $1.24144 supply barrier for this exchange rate.
The price action movements within the last few trading days has been interesting – despite the lack of volatility last week – we have still managed to grasp critical information from a technical perspective. Furthermore, sterling appreciation is on the cards for Monday/Tuesday trading days.
GBPJPY – On this exchange rate we have actually witnessed Yen demand throughout last weeks trading. Price has smoothly tapped into the demand barrier of 131.819. Technically, the false break is added confluence for a significant rocket to the upside. The 131.819 one is absolutely critical zone – and market participants have expressed how keen they are on keeping the exchange rate above this level.
Sterling appreciation is expected on this exchange rate – with the 132.534 level being the next stop on this exchange rate throughout Monday/Tuesday’s trading sessions.