GBPUSD is following a downtrend.

Posted On 03 Jun 2016

Tag: AUDUSD, EURUSD, GBPUSD, USDCHF, USDJPY

	EURUSD	H4
Resistance	1.1198	1.1246	1.1273
Support	1.1123	1.1096	1.1048
Primary Scenario	EURUSD plunged below the daily pivot in the previous session. Further drop of the market will push prices to find support at 1.1123 and then lower at 1.1096.
Alternative Scenario	A higher thrust of the market above the daily pivot at 1.1171 will lift the exchange rate towards 1.1198.

	GBPUSD	H4
Resistance	1.4462	1.4503	1.4534
Support	1.4389	1.4358	1.4317
Primary Scenario	The pair is following a downtrend. If GBPUSD manages to extend its bearish momentum, the next support is seen at 1.4389 and further down to 1.4358.
Alternative Scenario	On the other hand, an upward wave would bring the pair into a correction course, targeting the daily pivot (1.4431) and even higher at 1.4462.

	USDCHF	H4
Resistance	0.9922	0.9941	0.9974
Support	0.9870	0.9838	0.9818
Primary Scenario	USDCHF bounced up from the previous bottom and is now trading slightly above the daily pivot point (0.9890). A decisive movement to the north will trigger the market towards 0.9922 and further up to 0.9941.
Alternative Scenario	A break back below the daily pivot will open the way down to 0.9870.

	USDJPY	H4
Resistance	108.73	109.13	109.62
Support	108.47	108.10	107.61
Primary Scenario	The pair is now testing the key support level at 108.47. Should USDJPY achieve to violate this level, will eye fresh lows down to 108.10 and then lower at 107.61.
Alternative Scenario	Alternatively, a surge of the pair above the hurdle at 108.73 will lift the currency pair towards 109.13.

	AUDUSD	H4
Resistance	0.7264	0.7300	0.7331
Support	0.7196	0.7164	0.7128
Primary Scenario	AUDUSD is oscillating around the daily pivot point (0.7232). If the pair manages to withstand the sellers’ pressure, the next resistance is seen at 0.7264 and further up to 0.7300.
Alternative Scenario	A comeback of the market below the daily pivot will push the pair to target the support at 0.7196.

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