TriumphFX – Forex Analysis – GBP Pairs – April, May & June 2021


EURGBP – Daily Chart

EURGBP Daily Chart

As suggested in our last GBP analysis, EURGBP broke below the range support area and has since been bearish.

Price action has formed a series of lower swing highs and lower swing lows, signalling a potential downtrend. The moving averages confirm the potential downside – they are bearish and widening. On the weekly time-frame, EURGBP continues to range between 0.8300 and 0.9325.

Opportunities to go short could exist around the dynamic resistance of the moving averages, around the trend resistance area and around the horizontal levels at 0.8680, 0.8860, 0.9140 and 0.9255. A bearish move may reverse around the key support area at 0.8300.

The European Central Bank (ECB) continues to keep the official rate at the record low of 0.00%. The ECB have hinted at providing more economic stimulus, if needed.

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. With the rollout of vaccines and the ease of lockdowns on the horizon, the BOE expect a strong economic rebound during 2021.

GBPCHF – Daily Chart

GBPCHF Daily Chart

Price closed above the horizontal channel resistance area and has since been bullish, as suggested in our last GBP chart analysis.

GBPCHF is above the recent consolidation area, signalling a potential uptrend. The moving averages confirm this – they are bullish and widening.

Buying opportunities could exist around any of the key Fib levels, around the dynamic support of the moving averages, around the trend support area and around the horizontal levels at 1.2545 and 1.2225.

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. With the rollout of vaccines and the ease of lockdowns on the horizon, the BOE expect a strong economic rebound during 2021.

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 2022. The SNB are expecting economic growth from the 2nd quarter of 2021.

GBPJPY – Daily Chart

GBPJPY Daily Chart

As suggested in our last GBP analysis, price has since been bullish.

The GBPJPY is up-trending. The moving averages are bullish and widening, signalling that the trend could continue.

Long opportunities may exist around the dynamic support of the moving averages and around any of the horizontal levels at 152.10, 148.80, 144.45 and 142.05.

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. With the rollout of vaccines and the ease of lockdowns on the horizon, the BOE expect a strong economic rebound during 2021.

GBPUSD – Daily Chart

GBPUSD Daily Chart

The GBPUSD reversed around 1.3460 and has been bullish, as suggested in our last GBP analysis.

Price is clearly up-trending – price action has formed a long series of higher swing highs and higher swing lows. The moving averages are bullish and steady and price action has formed a bullish channel.

Opportunities to go long could exist around the bullish moving averages, around the bullish channel support area and around the horizontal levels at 1.3460, 1.2715, 1.2305 and 1.2080. A bullish move may be rejected or reverse around the recent swing high at 1.4140 and around the bullish channel resistance area.

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. With the rollout of vaccines and the ease of lockdowns on the horizon, the BOE expect a strong economic rebound during 2021.

The Federal Reserve have stated that they will do everything they can to support the US economy and to help a robust recovery. The current rate is set at 0.25% (record lows). The US economy is bouncing back quicker than expected originally.

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