A bearish tone prevailed in the 4 hours chart. Buyers led the price upwards from the level 1.1200 through 1.1250. The daily high was marked at 1.1280. The resistance is seen at 1.1250, the support stands at 1.1200.
The upward trend will remain as long as the pair remains above 1.1250. Should the price return below 1.1250 sellers will get another chance to drag the quotes to 1.1200.
The technical picture preserved a bearish tone. The price found a descent support at 1.2900. The GBP/USD bounced from the level and partly reversed losses. The current resistance is seen at 1.3000, the support exists at 1.2900.
We preserve bearish outlook for the currency. Any rebound above 1.2900 should be considered corrective. We expect a breakout of the current support and the continuation of the decline towards 1.2800.
The USD/JPY maintained its bearish tone on Monday. The price retreated from the previous high at 101.00. The pair dipped to 100.40 where the downward pressure faded. The resistance is at 101.40, the support comes in at 100.40.
Any action around the 100.40 level will determine further direction of the pair. If the level holds the pair will recover to 101.40. A clear break below will target the currency pair towards 100.00.
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