FxWirePro: Short term trends, key supports/resistances and trend changing levels of pound based pairs

In this article, we would discuss short-term trends, key support resistances, and the key trend (short-term) changing levels of the pound based pairs based on one of our models. We expect these sets of information to come in handy to our readers,

• GBP/USD –

Unless pound recovers above 1.275 resistance, it is likely to remain in a bear trend. It is the crucial resistance as well as the trend changing level. Due to higher volatility in the pair, the support lay around 1.2 area. The pair is currently trading at 1.241

• EUR/GBP –

This pair just entered a short-term bear trend as it dipped below 0.865. The key resistance lies around 0.877 area. It is also the trend changing level. Next support for the pair is around 0.842 and the most vital lies around 0.835 area. The pair is currently trading at 0.866

• GBP/JPY –

This pair is in a short-term bear trend. Key resistance for the pair lay at 142.6 and at 144.5 area. 142.6 area is the trend changing level. The support lies around 137.2, a break of which could lead to larger decline. The pair is currently trading at 137.8

• GBP/AUD –

This pair has just entered a short-term bear trend as it cleared 1.61. It is now going through a correction. Key support lies around 1.59. The resistance and trend changing level lay at 1.673. The pair is currently trading at 1.622

• GBP/NZD –

This pair is in a short-term bull trend as it cleared 1.765 area. However, the crucial resistance is around 1.795. The next resistances lies around 1.822 area. The support is around 1.745. It is also the trend changing level. The pair is currently trading around 1.77

Kindly note due to heavy distortion in the franc during January 2015, this model can’t reliably predict right levels, hence we are avoiding all franc based pairs for this model.