The British Pound is facing some key technical challenges in the forex market this week, particularly against the US Dollar, Japanese Yen, and Euro. Here is a breakdown of what traders can expect in the coming days.
GBP/USD: The GBP/USD pair is currently trading near a critical support level of 1.3700. If this level holds, we could see a bounce back towards the resistance at 1.3900. However, a break below 1.3700 could lead to further downside towards 1.3600.
GBP/JPY: The GBP/JPY pair is struggling to break above the resistance at 150.00. If it manages to do so, the next target could be 152.00. On the downside, support is seen at 148.00 and 146.00.
EUR/GBP: The EUR/GBP pair is trading in a range between 0.8650 and 0.8750. A break above 0.8750 could lead to a rally towards 0.8800, while a break below 0.8650 could push the pair lower towards 0.8600.
Overall, traders should keep a close eye on these key levels and be prepared for potential breakouts in the British Pound pairs in the coming days.