22nd March 2018 Market Outlook

Pound Yen – GBP/JPY pullback into its 151.00–150.50 resistance area. Given that the short term trend is bearish at the moment, traders may consider shorting this market to jump on the bearish trend. Ideally we would prefer to see some price rejections or any other form of confirmations before shorting this market to avoid false signals.

GBPJPYrDaily

 

Euro Pound – EUR/GBP is making its way back into its 0.8690 support level. Price has been consolidating over the last few months and if price is able to breakout below its 0.8690 support level, we are then likely going to see further decline coming into this market in the coming days. Traders may also consider shorting this market at the breakout of 0.8690 support level to ride on the bearish trend.

EURGBPrDaily

 

Pound Kiwi – GBP/NZD continue to rally higher after price breakout above its 1.9400 resistance level as we expected in our 21st March 2018 Market Outlook. Traders who went long as we recommended may consider continue holding onto the long position with a trailing stop behind as price is likely going to continue to rally higher in the coming days.

GBPNZDrDaily