Listed below are 14 GBP pairs highlighted Vs major support and resistance points. I don’t see a ton of opportunities in G10 except for a few pairs such as GBP/CAD and GBP/JPY. The action in GBP will be seen in the emerging market currencies as those pairs Vs GBP are severely overbought, some extremely and scary overbought. I don’t offer recommendation except to outline major points as well as overbought and oversold determinations. Support and resistance points are derived from a personal system of 400+ currency pairs backed by tons of Statistics and date to 1999. I’m able to look back to any date from today to 1999 and view any pair in terms of averages and many many statistics that back an average. Yet available are also statistics that address a price such as Noise ratios, overbought/ oversold determinations, trade signals and a few of my own inventions. Support and resistance points as well as overbought/ oversold determinations are credible and actionable signals. Take the breaks as outlined and money will be earned.
GBP/USD. 1.5889, 1.5534, 1.5362. GBP is oversold as 1.5534 runs this price.
GBP/JPY. 190.31, 185.91, 175.97, 175.60. Short and long term, GBP/JPY is way oversold.
GBP/CHF. 1.4876, 1.4835, 1.4693. Nothing special in GBP/CHF.
GBP/CAD. 2.0072, 2.0140, 1.9585. The Carney cross so named after current head of the BOE and former head of the BOC is way overbought. The combination to watch is GBP/CAD and GBP/USD since both are the exact same pair.
GBP/NZD. 2.4685, 2.3561, 2.3458, 2.2931, 2.0054. Overbought.
GBP/AUD. 2.1963, 2.1239, 2.1149, 2.1136. Nothing special in GBP/AUD.
GBP/INR. 100.55, 100.25, 84.55. Nothing special here either.
GBP/NOK. 12.6302, 12.6290, 11.1220, 10.7585, 10.2740. This pair is way way overbought. Great short.
GBP/ZAR. 20.2806, 19.9485, 14.8775, 14.0725, 13.7847, 13.2576. GBP/ZAR is another way way overbought currency pair and presents a great short opportunity.
GBP/SEK. 13.0983, 12.9361, 12.6227, 12.3659, 11.8006. Oversold.
GBP/HUF. 429.1869, 435.2619, 361.9256.
GBP/TRY. 4.4638, 3.1499, 2.7953. GBP/TRY is scary overbought.
GBP/MYR. 6.3551, 6.1955, 5.6985. Malaysia is currently revamping their overnight rate. This takes time so MYR will be very volatile. Malaysia is a smart smart financial system. Current price is way way overbought.
GBP/SGD. 2.4903, 2.3281, 2.1490, 2.1455, 2.0244.
Brian Twomey, Inside the Currency Market, btwomey.com