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Possible pullback to the 1.5400 on the GBP/USD

The Pound has been strengthening versus its major peers after the fundamental data from the United Kingdom came out better than expected. That is why we have seen that the GBP/USD has broken above the 1.5400 level, which is also yesterday’s high. A pullback to this level is possible and if it happens, then that could be a good opportunity to go long. Let’s be attentive to that possible pullback on the 15 minute chart.

The EUR/USD stays range bound

The Euro versus the Dollar continues oscillating in a range between the 1.1300 and the 1.1400 zone. The price has tried to break those levels on several times, but it has not gain enough momentum to take a definite direction. The uncertainty surrounding the Greece debacle has kept the Euro trading within this range, but tomorrow we have the FOMC minutes and depending on what the FED had to say on its last meeting, the Dollar may move causing the EUR/USD to take a clear direction.

Bullish breakout on the Kiwi

The New Zealand Dollar has been strengthening versus the US Dollar and has broken above the 0.7500 round number level. Apparently the bullish momentum continues and a visit to the 0.7600 level is possible. If we see a pullback to the 0.7500 level, then that could be a good opportunity to open a long position. If the price does not pull back and just continues rising, then be attentive to a possible visit of the 0.7600 level, because we may get a bounce to the downside from there.

Oil stays stable just below the 54.27 level

During the bullish pullback that oil has had recently, we can see that the commodity has made a recent high around the 54.27 level. The oscillation inside the range between the 47.32 and the 54.27 is becoming tighter and tighter. We can see that some days have been bullish and some days have been bearish, but it looks like the main bearish trend has been losing strength. Let’s be vigilant for a possible breakout of the 54.27 to the upside and the pullback afterwards, because the zone could become a good support. To the downside, the 47.32 is its most recent support, but the 44.00 level is the most important support up to now.

Bearish correction on the GP/JPY

The Pound versus the Yen bounces to the downside after visiting the 184.00 zone and it is close to completing another 100 pip run. The 183.00 level could act as support and price may try to stall at that area or try to bounce to the upside again. However, we could see a break below the 183.00 level due to the fact that this pair could easily move more than 200 pips in a single day.

On the 5 minute chart we can see how the pair behaves on the round number levels. Usually price tends to respect those round number levels by acting in a predictable way. We could take advantage of those movements and look for entry opportunities either on a bounce or a breakout. 

Breakout-pullback on the GBP/JPY 15 minute chart

The Breakout-pullback pattern is based on the premise that once the price has broken an important support or resistance level, if it pulls back to it, the chances of it bouncing and going in the direction of the initial breakout are higher. That is what we are seeing on the 15 minute chart of the GBP/JPY, where the price has broken to the upside above the 183.00 round number level and has now pulled back to it. From this point on, the price may try to keep going higher. Its next resistance zone is the 184.00 level.