GBP/USD rallies post UK budget while EUR/JPY, USD/JPY top out
GBP/USD rallies post UK budget while EUR/JPY, USD/JPY top out amid rate hike expectations which have risen to 45% for a March hike.
GBP/USD remains bid post UK budget
GBP/USD has risen to a one-month high and is getting ever closer to the $1.2772 to $1.2786 resistance area which may short-term cap, though. If not, the $1.2794 mid-December high would be in sight.
Minor support is seen along the breached downtrend line, because of inverse polarity now a support line, at $1.2722 and also at the 22 February $1.271 high.
EUR/JPY has been rejected by key resistance and falls
EUR/JPY is seen rapidly coming off its late-November and February highs at ¥163.71 to ¥163.72 and is rapidly falling towards the 15 February low at ¥160.92.
If fallen through, a top formation will be confirmed.
USD/JPY is topping out
USD/JPY is now clearly topping out and is fast approaching its 7 February low at ¥147.63.
Below the above beckons the 55-day simple moving average (SMA) at ¥147.27.
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