GBPUSD: A key support has been breached (1.5885).

Article by ForexTime

EURUSD Technical AnalysisEURUSDH4Down Trend
Primary ScenarioEURUSD collapsed yesterday and breached the daily pivot at 1.2423. A further drop of the pair will lead prices to find support at 1.2314 and then later at 1.2255. RSI oscillator is trading within an oversold area.
Alternative ScenarioAn upward wave, would generate strength for the market to surpass the daily pivot and reach the resistance level at 1.2482.



GBPUSD Technical AnalysisGBPUSDH4Down Trend
Primary ScenarioThe pair has violated the key support at 1.5885 (daily pivot). If GBPUSD manages to extend its downtrend, it will push prices lower to the forthcoming support at 1.5769 and even lower at 1.5708.
Alternative ScenarioA bounce up from current levels, will bring the pair into a correction course, targeting the daily pivot and the hurdle at 1.5946.



USDCHF Technical AnalysisUSDCHFH4Up Trend
Primary ScenarioUSDCHF jumped into a fresh high, after a successful breach of the daily pivot at 0.9690. If the pair manages to withstand the sellers’ pressure, it will fuel the rate further up to 0.9778 and 0.9825.
Alternative ScenarioA comeback of the exchange rate will lead the way down to the daily pivot and then lower at 0.9643.


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USDJPY Technical AnalysisUSDJPYH4Up Trend
Primary ScenarioThe USDJPY pair is flirting with the previous top at 115.51. Should the market exceed this level, it will lift prices towards the resistance at 116.25 and further up at 117.19.
Alternative ScenarioA reversal back of the currency rate, will push prices to find support at 114.76. The next support is estimated at 114.02. RSI supports this outlook.



AUDUSD Technical AnalysiAUDUSDH4Down Trend
Primary ScenarioAUDUSD is following a downtrend. A sustained trading below the daily pivot (0.8578), will lead the pair to breach the support at 0.8531. The next support is seen at 0.8505.
Alternative ScenarioAlternatively, a higher thrust of the market will penetrate the daily pivot, targeting the hurdle at 0.8604.




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