Support & Resistance Levels For GBP/USD & USD/JPY To Trade On
Most Euro pairs opened with a 200 pip gap on Sunday afternoon after Macron led the first round of French presidential elections, while EUR/JPY opened about 350 pips higher because the market was relieved Le Penn fell behind.
Other forex pairs also got shuffled during this time because one of the global risk elements is diminishing with Le Penn out, so support & resistance levels for these pairs have changed as well. Here are the new levels:
GBP/USD
Resistance Support
1 – 1.2800-05 (mild – 100 SMA on H1 chart) 1 – 1.2770 (strong – 100 SMA on daily chart)
2 – 1.2830-40 (strong – the high yesterday) 2 – 1.2750 (strong – the low since the surge last week)
3 – 1.2860 (mild – 100 SMA on daily chart) 3 – 1.27 (strong)
4 – 1.2900-05 (strong – 6 month high) 4 – 1.2670 (mild)
Resistance Support
1 – 10990-110 (strong) 1 – 109.40-50 (the high last week)
2 – 110.30 (strong) 2 – 109.20-25 (strong – 100 SMA on H1 chart)
3 – 110.50(strong) 3 – 109 (strong 50 SMA on H4 chart)
4 – 111 (strong) 4 – 108.70 (mild)
5 – 108.50 (mild)
Support & resistance levels
You can use the mild levels to trade against and they might even turn into strong levels by the time we get there, but I prefer to trade the stronger levels.
Personally, I´d like to open a sell forex signal at 110 on USD/JPY although I prefer better 110.30 or even 110.50. For buyers, 10900-20 looks tempting if we do get there, so we might open a buy forex signal down there. But we´ll still observe the price action before opening it.
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