GBPUSD opening in gap

Cable traders are getting used to market gaps on Monday opening. most of the gaps recently are fueled by comments coming from the UK during weekend.

Major news coming within the next few hours will be the result of hearings in front of british court deciding if parliament should be part of negotiations with the European union.

Anyway, From technical point of view , I find that the pair is currently supported around 1.2130$ area as shown below and there is a potential trend line if not broken during the current 4h candle.

Support can be found at 1.2130$ , So any long positions should be closed on 1h candle closing below that level. Targets for the long positions should be around 1.2360$

Usd recovering against the board

The dollar has been regaining some strength since friday noon. Usdjpy has recovered 100 pips from 107.30¥ ...the pair might face some tough resistance at current area, however i think we might be heading towards 110.80¥ soon. Resistance area can be found at 108.40 followed by very tough resistance at 108.80¥. If broken , we will have clear way to break the medium term downtrend andstart building new bullish trend targeting a break above 115¥ in the medium term. I am on the side of that reversal scenario unless we see a decisive break below 106¥ on daily or weekly close.

Gbp/Usd bearish below 1.2980$

The pair broke below the rising trendline in red as shown in the chart below. It is also trading below 200 hour moving average. There is horizontal resistance at 1.2980$ area followed by 1.3080$ area. Being Short is favorable with stop loss above 1.3080$. Target should be around 1.2640$ , you can book some profits at 1.2780$.

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