In today’s Forex Forecast, we look at the price action for GBP/USD, USD/JPY, USD/CAD and EUR/USD with Steven Woodcock, Senior FX Analyst at Plutus FX.
GBP/USD: Maintaining the bearish view
Woodcock maintains his bearish stance on GBP/USD, still looking for a lower cable. At the moment, he says that the cross is trapped in a range, and he’ll be a seller for choice around 1.5330-1.5360 levels.
USD/JPY: Range play
The USD/JPY pair remains a range-trade, with the pair seeing sellers above 121 area and buying around 119 levels, notes Woodcock.
USD/CAD: 128.20 remains key
On USD/CAD, Woodcock says that technical charts suggest the pair remains an oil trade. He remains a massive dollar bull and sees the cross in a continuation phase. He further suggests 128.20 level remains key for the pair.
EUR/USD: Searching for direction
Woodcock notes that a flag pattern can be seen in EUR/USD, with the pair awaiting a breakout on either side. He believes that the cross might head a bit higher from current levels.
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