Barclays

FX Outlook 2026: Navigating the Turn

LIVE28 November 2025USD bearish

Overview Forecasts Trades Currencies Scenarios Technicals Volatility EM Strategy Macro Quant

Technical Strategy

Barclays key support/resistance levels, pattern analysis, and live price positioning

Pairs Analyzed

Bullish

Bearish

Neutral

DXY

Distribution pattern below 103 with measured target 95

BARC Spot

100.2

→Neutral

S1 98.00

S2 96.50

S3 95.50

S4 95.00

R1 100.00

R2 101.55

R3 103.19

R4 105.50

T1 98.00

T2 96.50

T3 95.50

Spot 100.20

106.46

92.54

Support

Resistance

Targets

BARC Spot

Live Price

Targets

98(-2.2%)

96.5(-3.7%)

95.5(-4.7%)

95(-5.2%)

93.5(-6.7%)

Support

98(-2.2%)

96.5(-3.7%)

95.5(-4.7%)

95(-5.2%)

Resistance

100(-0.2%)

101.55(1.3%)

103.19(3.0%)

105.5(5.3%)

DXY is distributing below 103 resistance with a measured downside target near 95. The decline is orderly rather than impulsive, consistent with our moderate bearish thesis. Support at 98 and 96.5 will be tested sequentially.

EUR/USD

Ascending channel with resistance at 1.21-1.25 range

BARC Spot

1.15

→Neutral

S1 1.1300

S2 1.1200

S3 1.1000

S4 1.0800

R1 1.1800

R2 1.2100

R3 1.2500

T1 1.1700

T2 1.1900

T3 1.2000

Spot 1.1500

1.2636

1.0664

Support

Resistance

Targets

BARC Spot

Live Price

Targets

1.17(1.7%)

1.19(3.5%)

1.2(4.3%)

1.21(5.2%)

1.25(8.7%)

Support

1.13(-1.7%)

1.12(-2.6%)

1.1(-4.3%)

1.08(-6.1%)

Resistance

1.18(2.6%)

1.21(5.2%)

1.25(8.7%)

EUR/USD trading in an ascending channel but approaching the 1.20-1.25 resistance zone. Expect the pace of gains to slow as we approach the range ceiling. A sustained break above 1.21 would signal further upside to 1.25.

GBP/USD

Bullish pennant breakout above 1.31 targeting 1.41

BARC Spot

1.31

↑Bullish

S1 1.3000

S2 1.2800

S3 1.2650

S4 1.2400

R1 1.3500

R2 1.3800

R3 1.4100

R4 1.4400

T1 1.3500

T2 1.3800

T3 1.4000

Spot 1.3100

1.4560

1.2240

Support

Resistance

Targets

BARC Spot

Live Price

Targets

1.35(3.1%)

1.38(5.3%)

1.4(6.9%)

1.41(7.6%)

1.44(9.9%)

Support

1.3(-0.8%)

1.28(-2.3%)

1.265(-3.4%)

1.24(-5.3%)

Resistance

1.35(3.1%)

1.38(5.3%)

1.41(7.6%)

1.44(9.9%)

GBP/USD has broken out of a bullish pennant above 1.31 with a measured target at 1.41. This is the most constructive technical setup in G10 FX. Weekly momentum indicators strongly bullish. Buy dips to 1.33-1.34 support.

USD/JPY

Potential topping pattern below 162 with moderate downside

BARC Spot

157

→Neutral

S1 155.00

S2 152.00

S3 150.00

S4 149.00

R1 158.00

R2 160.00

R3 162.00

R4 164.00

T1 155.00

T2 152.00

T3 150.00

Spot 157.00

165.44

144.56

Support

Resistance

Targets

BARC Spot

Live Price

Targets

155(-1.3%)

152(-3.2%)

150(-4.5%)

149(-5.1%)

146(-7.0%)

Support

155(-1.3%)

152(-3.2%)

150(-4.5%)

149(-5.1%)

Resistance

158(0.6%)

160(1.9%)

162(3.2%)

164(4.5%)

USD/JPY showing signs of topping below 162 but the decline is expected to be gradual rather than sharp. Initial support at 155, then 152. A break below 150 would confirm the bearish trend change. Moderate momentum deterioration on weekly charts.

AUD/USD

Base building above 0.64 with triangle breakout potential

BARC Spot

0.64

↑Bullish

S1 0.6400

S2 0.6300

S3 0.6200

S4 0.6000

R1 0.6600

R2 0.6700

R3 0.6900

R4 0.7100

T1 0.6600

T2 0.6700

T3 0.6800

Spot 0.6400

0.7188

0.5912

Support

Resistance

Targets

BARC Spot

Live Price

Targets

0.66(3.1%)

0.67(4.7%)

0.68(6.3%)

0.69(7.8%)

0.71(10.9%)

Support

0.64(0.0%)

0.63(-1.6%)

0.62(-3.1%)

0.6(-6.3%)

Resistance

0.66(3.1%)

0.67(4.7%)

0.69(7.8%)

0.71(10.9%)

AUD/USD building a base above 0.64 support with triangle breakout potential through 0.66. Commodity price backdrop supportive of the technical setup. Measured target 0.69 from the triangle pattern.