Where did the support/resistance levels shift on Friday?

Posted Monday, August 1, 2016 by
Skerdian Meta • 1 min read

The US GDP numbers for the Q2 (seciónd quarter) last Friday were really disappointing. It was very strange because the economic data we have seen in Q2 was pretty positive and often exceeding the expectations. So, in my opinion, they will be revised much higher in the next two readings, as we saw in the Q1. Anyway, they shifted the trading range in most major forex pairs, so the support/resistance levels have changed. Let´s have a look at the support/resistance levels in other major forex pairs after we covered EUR/USD. 

GBP/USD – This pair has been very volatile since "we know what", so the support/resistance levels stand quite away from each other compared to other forex pairs. The first resistance level which has turned the price south several times is the 1.33 are give or take 20 pips, then comes 1.35 with a 20 pip buffering zone either way. Mild support comes at 1.3050-60 then we can find stronger support at 1.30 until the price reaches 1.2800-50 in this forex pair, if it ever does. 

USD/JPY – The first resistance in this forex pair comes at 102.70 which was the low after the initial knee-jerk reaction after the BOJ (Bank of Japan) disappointed the forex market once again. That has been the high so far today as well. Above that comes 103 and then 103.50. The support levels come at 102 which was the low on Friday, 101.40 and 101. If 101 gets clearly broken then don´t try to catch a falling knife. 

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