The GBP/USD remains under pressure, with the pair establishing a lower low for the week at 1.6155, and pressuring the strong static support area around 1.6160. First test resulted in a shallow 15 pips bounce so far, with the pair having been rejected earlier on the day from the 61.8% retracement of its latest bullish run around 1.6235.
The technical picture is quite bearish according to the 4 hours chart, with price developing below a bearish 20 SMA and indicators retracing from their midlines, getting back south into negative territory. The pair will likely follow EUR behavior today, albeit movements will be more limited, with an increasing risk of a break lower towards 1.6110 price zone as immediate bearish target. A break below this last exposes the pair to a full 100% retracement, down to 1.6051. A recovery on the contrary needs to see price establishing above mentioned 1.6235 price zone, to be able to extend up to 1.6280/90 price zone.
View Live Chart for GBP/USD
The technical picture is quite bearish according to the 4 hours chart, with price developing below a bearish 20 SMA and indicators retracing from their midlines, getting back south into negative territory. The pair will likely follow EUR behavior today, albeit movements will be more limited, with an increasing risk of a break lower towards 1.6110 price zone as immediate bearish target. A break below this last exposes the pair to a full 100% retracement, down to 1.6051. A recovery on the contrary needs to see price establishing above mentioned 1.6235 price zone, to be able to extend up to 1.6280/90 price zone.
View Live Chart for GBP/USD
Recommended Content
Editors’ Picks
EUR/USD climbs to 10-day highs above 1.0700
EUR/USD gained traction and rose to its highest level in over a week above 1.0700 in the American session on Tuesday. The renewed US Dollar weakness following the disappointing PMI data helps the pair stretch higher.
GBP/USD extends recovery beyond 1.2400 on broad USD weakness
GBP/USD gathered bullish momentum and extended its daily rebound toward 1.2450 in the second half of the day. The US Dollar came under heavy selling pressure after weaker-than-forecast PMI data and fueled the pair's rally.
Gold struggles around $2,325 despite broad US Dollar’s weakness
Gold reversed its direction and rose to the $2,320 area, erasing a large portion of its daily losses in the process. The benchmark 10-year US Treasury bond yield stays in the red below 4.6% following the weak US PMI data and supports XAU/USD.
Here’s why Ondo price hit new ATH amid bearish market outlook Premium
Ondo price shows no signs of slowing down after setting up an all-time high (ATH) at $1.05 on March 31. This development is likely to be followed by a correction and ATH but not necessarily in that order.
Germany’s economic come back
Germany is the sick man of Europe no more. Thanks to its service sector, it now appears that it will exit recession, and the economic future could be bright. The PMI data for April surprised on the upside for Germany, led by the service sector.