Chart the Market (06/05/2025)

GBPJPY

The GBP/JPY pair has broken below its previous support at 191.60, which now acts as a key resistance level. This breakdown was confirmed with increasing bearish momentum on the MACD, while the RSI sits at 44, staying below the midline, suggesting continued bearish pressure.

Based on the Fibonacci retracement, the next immediate support lies at 190.30 (near the 50% retracement level). A break below this could accelerate the decline toward the next support around 189.00.

However, if bearish momentum fades and the pair fails to sustain below current levels, we may see a technical rebound toward the 191.60 resistance. A break above this would shift short-term bias back to neutral-to-bullish.

Resistance Levels: 191.60, 193.45
Support Levels: 190.30, 189.00

EURUSD

EUR/USD is trading slightly lower and consolidating near a key support at 1.1320. A decisive break below this level could open the door for further losses toward the next major support at 1.1075.

From an indicator perspective, the MACD shows increasing bullish momentum, while the RSI is neutral at 50, having rebounded from the oversold region. This indicates the potential for a short-term technical correction or sideways movement before the next major move.

Given the mixed signals, traders are advised to wait for a confirmed breakout (either above resistance or below support) before committing to a directional bias.Resistance Levels: 1.1535, 1.1750
Support Levels: 1.1260, 1.1075