GBP/USD hits fresh session lows of 1.3335 following an unexpected drop in the UK's Preliminary Manufacturing and Service PMI reports. However, the downside appears capped amid growing Brexit optimism.
EUR/USD trims gains to trade near 1.1130 region after the sentiment around the euro was dented by the disappointing German and Eurozone Preliminary Manufacturing PMIs. Trade concerns also keep the gains limited.
Negative technical indicators are extremely volatile and are approaching a technical rebound. Ethereum has fundamentals in play versus Bitcoin which could be lethal. XRP is not immune to downfalls and adds to the dangerous game of critical supports.
Gold extended its sideways consolidative price action through the early European session on Monday and remained confined in a narrow trading band near the $1475 region.
Bitcoin remained under pressure during the entire weekend. The attempts made to stay above $7,200 support failed, leaving to the path of least resist ace to be below $7,000. Bitcoin’s immediate upside is limited by the 50 SMA on the 2H chart.
Ethereum is largely unchanged compared to the levels towards the end of last week. The pressure oozing from the bears continued across the weekend session. Besides action beyond $145 remained limited.
Ripple has ignited the bearish momentum breaking the weekend-long support at $0.2160. The losses come after an attempt to break out from the descending channel resistance failed.
The research firm in charge of developing Cardano, a major cryptocurrency, IOHK was delighted to announce the fantastic performance of the newly launched testnet.
Boris Johnson's Conservatives took 365 seats in dominant victory
The British pound stayed relatively quiet against its major rivals during the first half of the week as investors stayed on the sidelines while waiting for the general election in the UK despite the fact polls made it clear that British Prime Minister Boris Johnson's Conservatives were likely to win the majority.
Resurgent risk appetite and central banks’ imbalances had sent the EUR/USD pair just above 1.1180, it’s highest since early August. The pair has cleared multiple resistances, now supports, after a dovish Fed, a balanced ECB, and more relevantly, following news suggesting the US and China are close to a deal. Boris Johnson’s outstanding victory in UK elections added to the bullish case of the shared currency.
The Technical Confluences Indicator shows that, for the EUR/USD pair, the path is clear to the upside as there’s only a medium relevant resistance at around 1.1220, where it bottomed in 2018. Around the level, there are other significant indicators that reinforce the area. Nevertheless, and once clear there’s nothing in the way toward the 1.1300/10 price zone.
Things are a bit more complicated for bears, with intraday highs and the 20 DMA at around 1.1150, providing an immediate support. A stronger one comes at 1.1120, where the pair topped in the previous week, and also has the 23.6% retracement of the October rally. Once below this last, 1.1065 is the next relevant level, although chances of a slide toward this last are limited.
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