Originally published by AxiTrader
GBP/USD is looking increasingly bearish. The currency pair broke below the trendline from the October low, and is likely to test the major support area between 1.30 and 1.3030 in the near-term. A clear break below the big figure would then pave the way for a larger correction towards at least 1.28. To the topside, expect decent reiestance around 1.3250.
Meanwhile, EUR/GBP still looks solid and might soon start an extension of the rally. Support at 0.8850 held, and the overall uptrend remains intact. In the near-term, a return to 0.9020 seems likely. Fundamentals support this, with the Pound under increased pressure amid Brexit concerns and the euro remaining well bid due to increased rate expectations.
AUD/NZD has lost momentum in the past few trading weeks. However, as long as support at 1.0830 remains intact, the uptrend remains intact. Traders should keep an eye on the resistance area between 1.10 and 1.1020. A clear break above would signal that another rally towards 1.12 is likely to follow.
