TriumphFX Forex Analysis – GBP Pairs – January, February & March 2021


EURGBP – Daily and 4 Hour Charts

EURGBP Daily Chart
EURGBP 4 Hourly Chart

EURGBP reversed around 0.8870, as suggested in GBP chart analysis.

On the daily time-frame, price was showing signs of a potential uptrend. EURGBP is now looking indecisive though. The daily moving averages are tight and moving sideways – confirming the market indecision. Price is ranging between 0.8870 and 0.9260.

Price is also indecisive on the 4 hour time-frame.

Trading opportunities may exist around the support and resistance areas of the daily range and if EURGBP moves out of the range (break-out trade). A break to the downside could stall or reverse around 0.8680 and 0.8300. A break to the upside could stall or reverse around the recent highs at 0.9425.

The European Central Bank (ECB) has stated the recurring cycles of coronavirus spread may continue until widespread immunity is achieved. Rates continue at the record low of 0.00%. The ECB have hinted at providing more economic stimulus.

The Bank of England (BOE) continue to keep rates at the record low at 0.10%. Recent economic figures have been more positive than expected.

GBPCHF – Daily and 4 Hour Charts

GBPCHF Daily Chart
GBPCHF 4 Hourly Chart

GBPCHF reversed around 1.2230, as suggested in our last GBP analysis.

On the daily time-frame, price is now looking indecisive and is moving within a horizontal channel at 1.1600-1.2225. The moving averages confirm the current indecision – they are tight and moving sideways.

Price is also indecisive on the 4 hour time-frame.

Trading opportunities may exist around the support and resistance areas of the horizontal channel and if GBPCHF moves out of the channel (break-out trade). A break to the upside could find resistance around 1.2825 and 1.3265. A break to the downside could find support around 1.1230. Trading opportunities may also exist around the 4 hour horizontal levels at 1.2185 and 1.1715.

The Bank of England (BOE) continue to keep rates at the record low at 0.10%. Recent economic figures have been more positive than expected.

The Swiss National Bank (SNB) continues to keep rates at the all-time low of -0.75%. The SNB recently announced that it will continue to intervene with in foreign exchange markets but will likely keep rates unchanged until at least 2021.

GBPJPY – Daily and 4 Hour Charts

GBPJPY Daily Chart
GBPJPY 4 Hourly Chart

As suggested in our last GBP chart analysis, GBPJPY continues to be indecisive but also slightly bullish.

Price continues to move within a large bullish channel on the daily time-frame. Price is also ranging between 133.85 and 141.85. The daily moving averages are tightening and moving sideways, confirming the current indecision.

On the 4 hour time-frame, GBPJPY has been up-trending. Price has recently closed above a consolidation area, signalling that the upside direction may continue.

Buying opportunities could exist around the daily and 4 hourly moving averages, around the daily bullish channel support area and around any of the horizontal levels at 137.20, 134.75, 133.85, 131.70 and 129.35. A bullish move may be rejected or reverse around the bullish channel resistance area and around any of the horizontal resistance levels at 140.85, 141.85, 144.50 and 147.40.

The Bank of Japan (BOJ) continues to keep interest rates at the record low of -0.10%. The Japanese economy is performing well under the current COVID-19 economic crisis, relative to other 1st world countries.

The Bank of England (BOE) continue to keep rates at the record low at 0.10%. Recent economic figures have been more positive than expected.

GBPUSD – Daily and 4 hour Charts

GBPUSD Daily Chart
GBPUSD 4 Hourly Chart

GBPUSD has been reversing around the trend support area and has continued to swing higher, as suggested in our last GBPUSD chart analysis.

On the daily chart, price is clearly up-trending – price action has formed a series of higher swing highs and higher swing lows. The moving averages are bullish and steady and GBPUSD recently swung above a key resistance area, all signalling that the upside direction could continue.

GBPUSD is also up-trending on the 4 hour chart.

The Bank of England (BOE) continue to keep rates at the record low at 0.10%. Recent economic figures have been more positive than expected.

The Federal Reserve have stated that the health risks associated with COVID will continue to weigh on economic activity, inflation and employment. The current rate is set at 0.25% (record lows). The Fed have suggested that rates may remain low until economic indicators show satisfactory improvement.

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