Published: 2 January 2026,06:12
Chart The Market
GBPUSD, H4:
The GBP/USD pair has demonstrated significant strength, rallying to its highest level since September at 1.3534, affirming a solid bullish near-term trajectory. The subsequent correction found precise and meaningful support at the 61.8% Fibonacci retracement level of 1.3434. The successful defense of this level is a technically constructive development, as it represents a common retracement zone for healthy trends and suggests the underlying bullish structure may still be intact.
However, this positive price action is starkly contrasted by a clear deterioration in momentum. The Relative Strength Index (RSI) has declined below its neutral 50 level, signaling a shift from bullish to bearish near-term momentum. Simultaneously, the Moving Average Convergence Divergence (MACD) is on the verge of a bearish crossover below its zero line, indicating that the driving force behind the prior advance has dissipated.
This creates a critical technical conflict: the price action defends a major bullish level, while momentum indicators flash warning signs of exhaustion. The pair is at an inflection point. The immediate direction will be determined by the market’s commitment to the 1.3434 Fibonacci support.
Resistance Levels: 1.1755, 1.1800
Support Levels: 1.1700, 1.1655
USDJPY, H4
The USDJPY pair has established a constructive technical foundation following its retracement from the recent peak at 157.76. After a period of correction, the pair found firm support at the critical 154.36 level and has since initiated a gradual recovery. This price action has formed a distinct higher-low pattern, indicating that the prior selling pressure has been absorbed and that the underlying bullish bias is reasserting itself.
The successful defense of the 154.36 support level is a pivotal development. This level now serves as a cornerstone for the emerging recovery structure. A sustained hold above this zone suggests that the corrective phase may be concluding, setting the stage for a potential retest of higher resistance levels.
Momentum indicators align with this improving near-term outlook. The Relative Strength Index (RSI) is gaining upward traction from near its mid-point, reflecting a resurgence of buying interest. Concurrently, the Moving Average Convergence Divergence (MACD) is showing early signs of a bullish reversal, positioning itself for a potential crossover back above its zero line. This configuration supports the view that a fresh wave of bullish momentum is beginning to form.
Resistance Levels: 157.60, 158.80
Support Levels: 156.00, 154.35
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