3 Setups On GBP/USD, USD/JPY And EUR/CAD

www.investing.com/analysis/3-setups-on-gbpusd-usdjpy-and-eurcad-200382437

By Alpari Research & Analysis (Tomasz Wisniewski) | Feb 01, 2019 03:50AM ET

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GBP/USD

-0.01%

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USD/JPY

-0.02%

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EUR/CAD

+0.01%

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Today we will have the closely-watched NFP report from the US. Nobody knows what we should expect. Yes, we do have a number in mind but nobody knows what was the influence of the government shutdown.

Ahead of this number, GBP/USD is in a short-term pennant formation (blue lines). Pennant is a trend continuation pattern, so in theory, should result with the breakout to the upside. As long, as we are inside of this pattern it is still too early to trade but as for now, buyers can be optimistic.

Next setup can be found on the USD/JPY. Here, at the beginning of the week, the price broke the mid-term up trendline (blue), which was supporting the local correction. Few days ago, USD/JPY managed to break another support (orange line). Today, the price is aiming higher, to test the second support as a closest resistance. As long, as w stay below the orange line, the sentiment is negative.

Now something more exotic, but actually, I think that this can be the strongest setup here. Yesterday, EUR/CAD managed to break the horizontal support made by the lower line of the descending triangle pattern. Today, we are testing this support as a resistance. Two hourly candles are quite negative and their long heads are promoting a further drop. That is a very promising bearish situation.

GBP/JPY Tests Resistance: Will Bears Step In at 191.74? By Scott Barkley - Feb 13, 2025

Forex Strategy is Bearish: GBP/JPY is currently at 191.74 at the top of the Range. We are looking for a small bounce and then a continuation to the ATR target/0.382 Fibo at 190.75...

GBP/USD: British Pound Edges Higher as UK GDP Beats Forecasts By Kenny Fisher - Feb 13, 2025

The British pound has edged higher on Thursday. GBP/USD is trading at 1.2460, up 0.15% on the day. UK GDP Beats Forecast The UK economy ended 2024 on a high note, as GDP rose 0.4%...

European Currencies Gain Ground as Peace Talks and Tariff Risks Weigh... By Chris Turner - Feb 13, 2025 1

European currencies received a lift late yesterday following an update from Donald Trump that he'd had productive discussions with Vladimir Putin about a ceasefire in Ukraine. The...

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3 Setups On GBP/USD, USD/JPY And EUR/CAD

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