Chart the Market (08/07/2025)

GBPJPY, H4: 

The GBP/JPY pair surged to a fresh high of 199.47 in the latest session, inching closer to the key psychological resistance at the 200.00 mark. The pair has extended its ascent from the April lows, consistently forming higher highs—underscoring a bullish bias.

Momentum indicators reflect growing strength. The Relative Strength Index (RSI) has rebounded sharply and is approaching overbought territory, while the MACD is hovering near the zero line, offering a neutral-to-positive signal.

A decisive break above the 200.00 threshold could reinforce the uptrend, although overbought conditions may prompt short-term consolidation.

Resistance Levels: 200.60, 203.15

Support Levels: 198.70, 196.20

EURUSD,  H4

The EUR/USD pair has shifted into a bearish trajectory, forming a lower-high and lower-low pattern while trading within a defined downtrend channel. The technical structure points to a bearish bias in the near term.

Despite the recent weakness, the pair remains above a key long-term uptrend support line, which intersects near the 1.1623 level—a zone that could trigger a technical rebound if tested.

Momentum indicators reinforce the bearish view. The Relative Strength Index (RSI) has slipped below the midline, while the MACD has crossed beneath the zero line, both signaling that bullish momentum has faded.

A sustained break below key support would deepen the downside risk, while any rebound would likely face resistance from the upper boundary of the descending channel.

Resistance Levels: 1.1870, 1.2000

Support Levels: 1.1623, 1.1468