GBP/USD And GBP/JPY Daily Forecast - 06 August 2018

GBP/USD July low at 1.2965/55 is key to direction of course. I see this as a very weak support area so break below would be no surprise and is obviously negative targeting 1.2920/10 and eventually as far as 1.2815/05.

Minor resistance at 1.3005/10 but 1.3030/40 more of a challenge. A high for the day likely if we reach 1.3070/80 but shorts need stops above 1.3110.

GBP/JPY bottoms 4 pips above the best support for the day at 144.45/35. Longs need stops below 144.05. A break lower tests the June low of 143.80/75 before the May low at 143.30/20.

Longs at 144.45/35 are looking for 145.10/15 and resistance at 145.55/65. Further resistance at 145.90/99 should cause problems for bulls today.

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