11/02 Barclays technical setups: GBPUSD 1.4355 importance


11 February, AtoZForex.com, London – Amid Fed Chair Janet Yellen’s semi-annual testimony, the strategy team at Barclays Capital provided us with trading guidance for six major currency pairs for currency investors to acknowledge. The following are 11/02 Barclays technical setups for EURUSD, USDJPY, GBPUSD, AUDUSD, NZDUSD, and USDCAD.

EURUSD

Kicking off with the Euro, Barclays admits fault for expecting resistance in the 1.1260/90 area to cap bullish rallies. The squeeze above the level warns of room towards the 1.1495 range highs next.

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“We are reluctant to turn bullish, given stretched daily momentum readings. Overall, we prefer to fade upticks within the context of the greater 1.0425/1.1715 range,” Barclays pointed out.

Nonetheless, a move below 1.1060 would make Barclays turn bearish once more.

USDJPY

Looking at the Yen, a move below the initial targets near 113.10/30-area, signals further downside. Further out, Barclays sees opportunity to fade bullish up-ticks towards 110.35.

GBPUSD

Moving on to the Cable, a break below a support near 1.4355, the 21-day moving average is of significant importance and would encourage Barclays bearish view. “Our downside targets are towards the 1.4150-area and then the 1.4080 lows,” the investment bank added.

Consider reading: Goldman Sachs: RMB risk-on leads EURUSD to 1.04

AUDUSD

Looking at commodity currencies, Wednesday’s basing formation indicates a pause in the recent AUDUSD down-move.

Nevertheless, “we are bearish against the 0.7245 range highs and look for a move below initial targets near 0.7000 to signal lower towards our greater in the 0.6915 area,” Barclays projected.

NZDUSD

Meanwhile, a move below Barclays' initial Kiwi downside targets near 0.6560 would indicate lower in range towards the 0.6415 area and then to greater targets near the 0.6345 lows. Nearby major resistance is at 0.6755 level.

USDCAD

Finishing 11/02 Barclays technical setups with the Loonie, “we are bullish against support near 1.3640 and look for a move towards initial targets near 1.4105 and then 1.4170,” Barclays finished.

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