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

Today, the Bank of England (BoE) is widely expected to increase the interest rate by 25 basis points for the first time since the Great Recession of 208/09. 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 –

The pound is currently on a short-term bull trends. The next key resistance is quite far, around 1.349 area. Due to higher volatility in the pair, the support lay around 1.307 area. The pair is currently trading at 1.323

• EUR/GBP –

This pair just entered a short-term Bullish neutral trend. The key resistance lies around 0.903 area. Next support for the pair is around 0.87 and the most vital lies around 0.835 area. The pair is currently trading at 0.88

• GBP/JPY –

This pair is in a short-term bear trend. Key resistance for the pair lay at 154.8 and at 160 area. The support lies around 147, a break of which could lead to larger decline. The pair is currently trading at 150.9

• GBP/AUD –

This pair entered a range. Key support lies around 1.672, and the resistance is around 1.758. The pair is currently trading at 1.718

• GBP/NZD –

This pair is in a short-term bull trend as it cleared 1.834 area. However, the crucial resistance is around 1.98. The next resistance lies around 2 area. The support is around 1.886 and the next one is around 1.835. It is also the trend changing level. The pair is currently trading around 1.916

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.