Daily Price Action
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Price Action Setups – GBPJPY and GBPAUD

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GBPJPY formed a pin bar today, however the pair is still fighting to break through that key resistance around the 172.70 level. This wedge, which formed earlier this year, comes after a strong uptrend since 2012, so a break to the upside is favored. The coming days should prove interesting as we’ll watch to see if the pair has the strength to break through this key resistance level.

The next resistance after the 172.70 level doesn’t come in until around 179. This can be easily seen on the weekly chart below.

gbpjpy daily chart

GBPJPY weekly chart…

gbpjpy weekly chart

The GBPAUD is slowly trying to make its way back to the 1.84 level. Today’s price action did form a bullish engulfing pattern, however the close wasn’t very convincing. Immediate support should come in around the 1.812 level, which has held over the past week.

gbpaud daily chart

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