[Pimpllus]

GBPUSD


• The weekly GBPUSD chart looks increasingly bearish following the failure at 1.7047, triple momentum divergence and last week’s poor weekly close.
• In the short term the pair is approaching the 1.6407 – 1.6338 support area where the trend support, 55 day moving average and horizontal support converge.
• On first attempt it would not be surprising to see the pair consolidate around these levels though a breach of it would add to the bearish bias and suggest further losses down to 1.5983 - 1.5917 where the 55 week moving average ‘converges’ with the support level from July 8th.

GBPJPY


• GBPJPY has fallen back below the near term support level that was at 160.27 and the rally at the end of last week through 162.58 now looks like a false break.
• Near term support now comes in at 157.59 and then 153.82 while trend support (which is rising) is currently at 152.62. These may all be tested.

EURGBP


• EURGBP has started to turn up from the trend support and the 76.4% Fibonacci retracement against the June low (marginal overshoot).
• It has not yet managed to post a close above the 55 day moving average though such a development looks increasingly likely. It is currently at 0.8578 and a close above there would suggest a stretch higher in the short term.
• The more important resistance level is 0.8699 which was the high of the initial bounce in June. A close above there would be a bullish development that would open the way for 0.8867 and possibly 0.9037 over an extended period.

GBPNZD


• GBPNZD has breached the support level at 2.44 on a close basis following the bearish outside week last week.
• The important support level to watch now is 2.41 which was the low in December 2005 and also the low in Feb 2008
• A firm weekly close below there would be a significant bearish development
• Long term support levels are at 2.32, 2.25, 2.21 and the all time low just above 2.16.