3 Jun 2015

CROSSES UPDATE 03.06.2015

EUR/GBP H4

The rate is sitting just below the 61.8% wedge breakout target as traders are waiting for the ECB rate decision statement.

Some kind of update (resolution) on Greece situation is expected from ECB's president Mario Draghi and it may provide us with an upside break. A break above 0.7300 should take the rate up to 100% breakout target at 0.7415.

The old resistance/new support  at 0.7205 should provide a floor in case of more negative scenario, however, a break below this level would invalidate my immediate bullish bias for the pair.

GBP/JPY H4

The rate is sitting below a major resistance area at 190.50 and a break above this level is needed to establish any new long positions. In case of an upside break we may target the former support/now resistance around 192.60 and longer term targets at 200.00 and 215.00.

A break below 188.75 would trigger a double top scenario and may take the rate down to 187.80 and further down to 186.00. Only a daily close below this level would invalidate my medium term outlook for the pair.

GBP/NZD H4

The rate has formed a rising wedge pattern on H4 charts. A break below the formation's lower boundary and former resistance/now support at 2.1300 should take the rate down to test the major support area at 2.0850 - 2.1000.

Only a strong break above the upper boundary at 2.1700 would invalidate my immediate bearish outlook for the pair and would open up a way to longer term upside targets at 2.2500 and 2.3000.

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