Cable, the bearish momentum is growing on the pound

Analisys from Yann Quelenn, Market Strategist @swissquote.ch

• GBP/USD has broken hourly support at 1.4150 (29/01/2015 low) and 1.4081 (21/01/2015 low). The road is wide open to long-term support at 1.3657 (11/03/20009 low). The technical structure suggests further consolidaiton.
• The long-term technical pattern is negative and favours a further decline towards the key support at 1.3503 (23/01/2009 low), as long as prices remain below the resistance at 1.5340/64 (04/11/2015 low see also the 200 day moving average). However, the general oversold conditions and the recent pick-up in buying interest pave the way for a rebound.

• USD/JPY is pushing lower. 
The medium-term technical structure is clearly negative. Hourly support can be found at 111.86 (intraday low).
Hourly resistance lies can be found at 113.39 (22/02/2016 high). Expected to further decline towards hourly support at 110.99 (11/02/2016 low).
• We favour a long-term bearish bias. Support at 105.23 (15/10/2014 low) is on target. A gradual rise towards the major resistance at 135.15 (01/02/2002 high) seems now less likely. Another key support can be found at 105.23 (15/10/2014 low).