GBP/USD jumps above 1.2850 on Brexit, Bailey

GBP/USD turned positive and soared above 1.2850 after BOE’s Governor Bailey said mention to negative rates does not imply use. EU’s Barnier heading to London for informal trade talks, as negotiations reportedly going “a bit” better.

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GBP/USD News

EUR/USD hits six-week lows below 1.1750 amid dollar demand

EUR/USD is trading at the weakest levels in six weeks below 1.1750 amid resurgent US dollar demand despite the upbeat market mood. Concerns over COVID-19 resurgence in Europe continue to weigh on the euro. 

EUR/USD News

Gold remains depressed near $1900 mark

Gold remained depressed for the second consecutive session on Tuesday. The downside remains limited ahead of the Fed Chair Powell’s testimony. The set-up still supports prospects for a slide back to August monthly lows.

Gold News

Crypto market shrinks while Bitcoin grows

Ethereum takes the brunt of the falls and gives market share to Bitcoin. Pause in the falls before looking for key supports at lower prices. Ripple plays dangerously and risks looking for support at the $0.20 level.

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FOREX INDICATOR: CONFLUENCES

Yohay Elam

Gold (XAU/USD) is licking its wounds after plummeting 3% on Monday, as the haven demand for the US dollar resurfaced amid growing coronavirus risks and US fiscal deadlock. The greenback jumped to six-week highs across its main competitors on concerns over the global economic recovery, especially after localized lockdowns were announced in key European economies.

The Technical Confluence tool shows that gold failed to sustain the rebound from six-week lows above the powerful barrier at $1915, which is a convergence of the Fibonacci 23.6% one-month and previous high on 15-minutes.

Therefore, the sellers now probe the next downside target at $1910, where the Fibonacci 38.2% one-day, SMA10 one-hour and previous low four-hour intersect.

The Fibonacci 161.8% one-week at $1907 is a soft cap, which could be tested if the bulls fail to defend the $1910 level.

Acceptance below the latter could trigger a sharp sell-off towards $1891, the pivot point one-week S3.

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CRYPTOCURRENCIES

Crypto market shrinks while Bitcoin grows

The war for market share, expressed through the dominance charts, confirmed the offensive launched by Bitcoin days ago and sent Ethereum to the critical support level at 12.32, the same level where Ethereum's decline found ground the last six times.

More Bitcoin News

DOT poised to rush to $3 as social volume tanks

Polkadot has been on the retreat since it traded an all-time high at $6.88 on September 1. The initial drop in the first week of September embraced support at $3.50. 

More Polkadot News

Cryptocurrency projects jumping off the Ethereum ship due to high transaction fees

The mushrooming DeFi projects built on Ethereum cause the network overload and kill all the blockchain's advantages over the traditional banking exchange systems. 

More Ethereum News

Freefall in DeFi screams bubble busting

It has been an exciting year so far in the cryptocurrency industry. First, the market crashed excessively following the COVID-19 triggered selloff in March.

More DeFi News

ECONOMIC CALENDAR

REAL-TIME RATES

SPECIAL WEEKLY FORECAST

EUR/USD Weekly Forecast: Central bankers got off the ring

Another week is coming to an end, and the FX market seems unable to find its way. The EUR/USD pair is poised to finish it little changed around 1.1850, its comfort zone pretty much since September started.

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GBP/USD Weekly Forecast: Boris' Brexit climbdown insufficient to keep pound afloat

Boris gave, Powell took it away – UK Prime Minister Boris Johnson agreed to compromise on the controversial Brexit bill and sent the pound higher before the Federal Reserve boosted the dollar. 

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USD/JPY Weekly Forecast: Lower, perhaps for longer

The yen regained its ascendancy against the dollar rising 1.7% on the week after stalling for most of the month, as Japan installed a new prime minister and the Federal Reserve stretched its zero rate prediction to the end of 2023.

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AUD/USD Weekly Forecast: Upbeat data overshadowed by scared central bankers

The AUD/USD pair is trading around the 0.7300 level, unchanged for a second consecutive week, despite there were quite a few headlines that could have spurred action. Somehow, the lack of action across the FX board reflects a similar behavior among central bankers. 

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Bitcoin Weekly Forecast: BTC crystal ball gives bulls a faint flicker of hope

Bitcoin staged a healthy recovery this week. The pioneer digital currency price took off from the support area of $10,000 and touched the next psychological line of $11,000.

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Gold Weekly Forecast: If XAU/USD breaks $1974 then the trend could be back on

On the downside, there is lots of traffic that could support the price. The orange trendline has been used on three occasions to great effect. Beyond that, the main consolidation low stands at USD 1915.50 per ounce.

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