TriumphFX – Forex Analysis – GBP Pairs – January, February & March 2022
Previous analysis… https://analysis.tfxi.sc/2021/10/15/triumphfx-forex-analysis-gbp-pairs-october-november-december-2021/
EURGBP – Daily Chart
As suggested in our last GBP chart analysis, the EURGBP has been moving sideways.
Price continues to be indecisive but has been slightly bearish. The EURGBP is currently ranging between 0.8385 and 0.8590. The moving averages are slightly bearish, suggesting a potential break lower.
Trading opportunities may exist around the support and resistance areas of the range and if price moves out of the range (break-out trade). A break to the upside could stall or reverse around the horizontal levels at 0.8660, 0.8720 and 0.8875.
The European Central Bank (ECB) continues to keep the official rate at the record low of 0.00%. They believe that the current spike in inflation is transitionary.
The Bank of England (BOE) have increased it’s official bank rate to 0.25%. Inflation is a concern. The UK Unemployment rate is expected to fall.
GBPCHF – Daily Chart
The GBPCHF closed below the horizontal channel support area and has since been bearish, as suggested in our last analysis.
Price is below the recent consolidation and has formed a short series of lower swing highs and lower swing lows, suggesting a downtrend. The moving averages are bearish and steady, signalling that the trend could continue.
Shorting opportunities may exist around the dynamic resistance of the moving averages, around the trend resistance area and around the identified horizontal levels at 1.2475, 1.2540, 1.2775 and 1.2820. A bearish move could be rejected or reverse around 1.2100 and 1.1750.
The Bank of England (BOE) have increased it’s official bank rate to 0.25%. Inflation is a concern. The UK Unemployment rate is expected to fall.
The Swiss National Bank (SNB) continues to keep rates at the all-time low of -0.75%. The SNB will continue to keep ultra-loose monetary policy in order to provide support to the Swiss economy. The bank continues to intervene with Foreign Exchange markets with regard to temper the value of the Swiss Franc.
GBPJPY – Daily Chart
As suggested in our previous analysis, price has been moving sideways.
GBPJPY continues to be indecisive and lack trend direction. The moving averages confirm the market indecision – they are tight and are moving sideways. Price is ranging between 148.90 and 158.10.
Trading opportunities could exist around the support and resistance areas of the range and if GBPJPY moves out of the range (break-out trade). Trading opportunities could also exist around the horizontal levels at 152.40 and 156.00.
The Bank of Japan (BOJ) continues to keep interest rates at the record low of -0.10%. The Japanese economy is making a steady but moderate recovery from the COVID crisis.
The Bank of England (BOE) have increased it’s official bank rate to 0.25%. Inflation is a concern. The UK Unemployment rate is expected to fall.
GBPUSD – Daily Chart
Price reversed around the longer-term moving average and has been bearish, as suggested in our previous GBP chart analysis.
GBPUSD is clearly down-trending – price action has formed a series of lower swing highs and lower swing lows. Price is currently in a retrace move. The daily moving averages are bearish and widening, suggesting that the downtrend could continue.
Selling opportunities may exist around the dynamic resistance of the moving averages, around the trend resistance area and around the horizontal levels at 1.3615, 1.3820, 1.3860 and 1.3990. A bearish move could be rejected or reverse around the recent swing low at 1.3205.
The Bank of England (BOE) have increased it’s official bank rate to 0.25%. Inflation is a concern. The UK Unemployment rate is expected to fall.
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 Fed will be cautious about raising rates, especially with the current Omnicron breakout.
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