GBP/USD currently price is built upon a base at 1.2974 and coincides to GBP/JPY at 133.11. Today’s bottoms in both pairs are found at GBP/USD 1.3198 and GBP/JPY at 135.41. Intervals are wide for both pairs due because daily GBP/USD pips are valued at now 67 daily but more importantly monthly GBP/USD V DXY ranges are located at 500 to 600 pips and twice easily the range pips of EUR/USD. GBP/USD contains for the month of July the best volatility at 600 range pips and 67 daily.
GBP/USD next most important break above is located at 1.3270 and coincides to EUR/USD at 1.1157 and 1.1165 as well as GBP/JPY 136.64. GBP/USD, GBP/JPY and EUR/USD are on the verge of big must breaks to go higher.
GBP/USD next big break point overall is found at 1.3398 and 1.3317 to target next vitals at 1.3562 and 1.3572. GBP/JPY next vital breaks are loacted at 137.46 to target 139.25 and 139.15. Overall, GBP/JPY supports in the 135.00’s are many and massive from 135.09 to 135.55.
What’s holding GBP/USD and GBP/JPY progress higher is EUR/USD at 1.1157 and 1.1164 as well as EUR/JPY stuck between 114.48 and 114.15 with bottoms in both at 1.1084 EUR/USD and 113.74 EUR/JPY. The current driver today to determine direction is EUR/USD as GBP/USD will fail to see upper targets at 1.3201, 1.3298 and 1.3289.
Brian Twomey, Inside the Currency Market, btwomey.com, contact email@example.com
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