Windsor Brokers - Short Term Technical Analysis for Majors (08:00 GMT)

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EUR/USD

Extends correction off 1.2586/1.2625, 24/31 Aug lows, with market currently attempting 1.2920/31, a break of which opens 1.2957, 50% retracement off 1.3332/1.2586 downleg. Near-term outlook sees scope for lower high, and loss of 1.2855 to open 1.2775 next. Upside, sustained break above 1.2957 would eye 1.2999/1.3045 instead.

Res: 1.2920, 1.2931, 1.2999, 1.3045
Sup: 1.2855, 1.2810, 1.2775, 1.2741



GBP/USD

Correction off 1.5325, 31 Aug low faces strong resistance at 23.6% retracement of 1.5997/1.5325 downleg, as market attempts for the second time. Scope is seen for higher low into 1.5500 zone, to extend underlying downtrend, with 1.5385/50 seen first, ahead of eventual attempt at 1.5325. Only regain of 1.5596, 26 Aug former high, would improve the outlook.

Res: 1.5490, 1.5543, 1.5573, 1.5596
Sup: 1.5385, 1.5350, 1.5336, 1.5325





USD/JPY

Undergoes range trading off 83.58/66, recent congestive lows, following Friday