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Weekly Outlook: 2015, May 10 - 17

This is a discussion on Weekly Outlook: 2015, May 10 - 17 within the Forex Trading forums, part of the Trading Forum category; GBP/JPY Technical Analysis: Pound Pauses to Digest Losses The British Pound is digesting losses against the Japanese Yen after dropping ...

          
   
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    Weekly Outlook: 2015, May 10 - 17

    GBP/JPY Technical Analysis: Pound Pauses to Digest Losses

    The British Pound is digesting losses against the Japanese Yen after dropping as expected having put in a bearish Evening Star candlestick pattern. A daily close below the 23.6% Fibonacci expansion at 180.96 exposes the 38.2% level at 178.80. Alternatively, a turn above the 14.6% Fib at 182.30 opens the door for a test of trend line support-turned-resistance at 183.35.

    Weekly Outlook: 2015, May 10 - 17-1.png


    Weekly Outlook: 2015, May 10 - 17-2.png


    Resistance Support
    182.30 180.96
    183.35 178.80
    184.46 177.05

    Weekly Outlook: 2015, May 10 - 17-3.png


    Prices are wedged too closely between near-term support and resistance levels to justify taking a trade on a long or short side from a risk/reward perspective. With that in mind, we will continue to stand aside until a more attractive opportunity presents itself.



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    Goldman Sachs: forex markets appear to 'throwing a tantrum'

    In a research note to clients, Goldman Sachs say data will improve and the USD selloff will reverse:

    "After the perfect storm in March -- a dovish Fed and weak payrolls -- price action around last week's GDP disappointment was a howl of disapproval, something akin to the 'The Scream' by Edvard Munch. Foreign-exchange markets appear to be throwing a 'tantrum.'"

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