GBP/USD rebounds into Fibonacci resistance as USD/JPY pushes higher
GBP/USD rallies into Fibonacci resistance, while USD/JPY looks set for further upside as traders overlook near-term Omicron risks.
GBP/USD pauses after surge into 76.4% resistance
GBP/USD has been on the rise of late, with the pair having pushed sharply higher over the course of this week. The push into 76.4% Fibonacci resistance is key here, with the price pausing at that key $1.34 level.
The ability to break up through this level would be key in building the confidence of further upside to come. Ultimately a break up through $1.3513 would bring expectations of a wider rebound for this play. Until we break either of those levels, there is a risk of a pullback given the ongoing trend of lower highs.
USD/JPY continues to gain ground
USD/JPY has been on the rise of late, with the price pushing up into a four-week high overnight.
That bullish momentum is expected to persist as we move forward, with expectations of tighter monetary policy at the Fed building support for the dollar. A break below the $114.07 level would bring about expectations of a wider pullback. Until then, this recent bullish trajectory looks set to persist.
This information has been prepared by IG, a trading name of IG Australia Pty Ltd. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.
Start trading forex today
Trade the largest and most volatile financial market in the world.
- Spreads start at just 0.6 points on EUR/USD
- Analyse market movements with our essential selection of charts
- Speculate from a range of platforms, including on mobile
Live prices on most popular markets
- Forex
- Shares
- Indices
