Richard Perry
Independent Analyst
Yesterday’s strong bearish candle which saw Cable close at the low of the day has brought into question the rebound for the first time. I have said that the recovery needs to breach the lower reaction high at $1.6226 for the bulls to be in control. This remains the case, however it seems as though this current move needs to sustain momentum otherwise it will be viewed as yet another rebound within the downtrend and seen as another chance to sell. The momentum indicators are still improving but once again there is much more that needs to be seen to become positive. However, all is not yet lost for the bulls. The intraday hourly chart shows the support in at $1.6080, whilst the key near term support at $1.6020 is also present. Whilst these two levels are intact the prospect of a recovery remain. The price action of yesterday has muddied the outlook somewhat near term, but once the European trading gets underway it will be interesting to see how strong the recovery bulls are.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
How will US Dollar react to Q1 GDP data? – LIVE
The US' GDP is forecast to grow at an annual rate of 2.5% in the first quarter of the year. The US Dollar struggles to find demand as investors stay on the sidelines, while waiting to assess the impact of the US economic performance on the Fed rate outlook.
EUR/USD holds gains above 1.0700, as key US data loom
EUR/USD holds gains above 1.0700 in the European session on Thursday. Renewed US Dollar weakness offsets the risk-off market environment, supporting the pair ahead of the key US GDP and PCE inflation data.
GBP/USD extends recovery above 1.2500, awaits US GDP data
GBP/USD is catching a fresh bid wave, rising above 1.2500 in European trading on Thursday. The US Dollar resumes its corrective downside, as traders resort to repositioning ahead of the high-impact US advance GDP data for the first quarter.
Gold price edges higher amid weaker USD and softer risk tone, focus remains on US GDP
Gold price (XAU/USD) attracts some dip-buying in the vicinity of the $2,300 mark on Thursday and for now, seems to have snapped a three-day losing streak, though the upside potential seems limited.
XRP extends its decline, crypto experts comment on Ripple stablecoin and benefits for XRP Ledger
Ripple extends decline to $0.52 on Thursday, wipes out weekly gains. Crypto expert asks Ripple CTO how the stablecoin will benefit the XRP Ledger and native token XRP.