GBP/USD recovery seen on Friday seems to have exhausted

EUR/USD – Hourly Chart

The EUR/USD struggles near the technical resistance located at 1.1866 after having finished the previous session higher at 1.1843 levels. The slight recovery has failed to pull up the daily RSI above the oversold level of 30.00. Meanwhile, on the hourly charts, the pair has failed at 1.1866 levels earlier today, while the downside was capped around the 5-DMA located at 1.1844 levels. However, given the bullish hourly RSI at 62.48 levels, the pair is likely to take out 1.1875 levels to test 1.19 levels today. On the other hand, a break below the hourly 100-SMA located at 1.1844, shall push the pair down to 1.1815 levels.

GBP/USD – Houlry Chart

The recovery in the GBP/USD pair witnessed on Friday and during the early Asian trade today appears to have exhausted since the pair has erased gains to trade at 1.5167 levels. On the hourly charts, the pair is seen moving in an upward channel, with the hourly RSI bullish at 60.40 levels. Moreover, the hourly RSI has breached the rising trend line, indicating more downside move in the pair. Thus, the pair is more likely to test the channel support located at 1.5131 levels today. Such a move would also push the hourly RSI below 50.00 levels, although losses are likely to be capped around 1.51 levels. On the other hand, a fresh demand for Pounds can be anticipated once the pair rises above the channel resistance located at 1.5218 levels. In this case, the pair could re-test hourly 200-SMA located at 1.5296 levels.

EUR/GBP – Hourly Chart

The pair has snapped a three-day falling streak to trade higher at 0.7819 levels, although the gains have been capped around the 5-DMA located at 0.7825 levels. Despite the upmove, the daily RSI still stays bearish at 45.37 levels, although the hourly RSI has turned bullish at 57.05 levels. Moreover, on the hourly charts, the pair continues to trade in the downward channel. The pair has also failed to take out the 38.2% retracement level at 0.7825. However, a fresh selling pressure can be anticipated only below 0.7810 levels. In such a case, the pair may test 0.7790 levels and 0.7775 levels. On the other hand, a break above the downward channel resistance located at 0.7834 levels, shall open doors for re-test of 0.7855 and 0.7875 levels.

GBP/JPY – Hourly Chart

The pair trades below the 100-DMA located at 179.53 levels, although losses have been capped around the latest cyclical low of 179.07 levels. This is the fourth time in a week that the pair is trading around 100-SMA levels after having failed near the 5-DMA located at 179.85 levels. Meanwhile, on the hourly chart, the pair has bounced-off from the support at 179.07. Moreover, a positive hourly closing on the hourly chart shall open doors for a re-test of 180.00 levels. In such a case, the hourly RSI would rise above 50.00 levels. Further gains towards 181.00 levels could be seen if the pair manages to take out the hourly 50-SMA resistance located at 180.21 levels. Meanwhile, the bears would come-in strong once the pair breaks below 179.07 levels, taking the pair down to 178.74 levels.

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