US Dollar Forecast: US PCE To Guide Markets EUR/USD, GBP/USD, USD/JPY Setups


(MENAFN- DailyFX) ecast: US PCE to Guide Markets; EUR/USD, GBP/USD, USD/JPY Setups Skip to Conten News & Analysis at your fingertips.

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Change in Longs Shorts OI
Daily -12% 12% 1%
Weekly -15% 14% 0%
What does it mean for price action? Get My Guide GBP/USD TECHNICAL ANALYSIS

GBP/USD advanced during the week but failed to take out its 50-day simple moving average at 1.2680. Surpassing this technical obstacle could be a tough task for bulls, though a breakout might usher in a move towards trendline resistance at 1.2725. Above this barrier, all eyes will be on 1.2830.

In the scenario of sellers reasserting control and kickstarting a pullback, the first potential support area arises around the 1.2600 handle. Further losses past this juncture could pave the way for a decline towards trendline support and the 200-day simple moving average, located at 1.2570.

GBP/USD TECHNICAL CHART

GBP/USD Chart Created Using TradingView

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Recommended by Diego Colman Get Your Free JPY Forecast Get My Guide USD/JPY FORECAST - TECHNICAL ANALYSIS

USD/JPY made further progress to the upside this week, coming within striking distance from breaching resistance at 150.85. Traders need to monitor this technical barrier carefully, as a successful breakout could energize buying momentum, potentially fueling a rally towards last year's highs near 152.00.

On the flip side, if sellers unexpectedly reclaim dominance and spark a bearish reversal, the first technical floor to watch lies at 149.70 and 148.90 subsequently. Sustained losses beyond these key support levels could trigger a retreat towards the 100-day simple moving average in the vicinity of 147.50.

USD/JPY TECHNICAL CHART

USD/JPY Chart Created Using TradingView

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