GBPUSD - GBP faces downside pressure following its rejection candle print on Friday. This was formed after unsustained rally and the pair looks to weaken further having given away most of its intra day gains during Monday trading session. It looks to take out the 1.5166/33 zone, its strong support. If this occurs, further weakness is likely towards the 1.5100 level. A break of here will turn attention to the 1.5050 level. Further down, support lies at the 1.5000 level. Below here will set the stage for more weakness towards the 1.4950 level. Its weekly RSI is bearish and pointing lower supporting this view. Conversely, resistance stands at the 1.5250 level with a turn above here allowing more strength to build up towards the 1.5300 level. Further out, resistance resides at the 1.5350 level followed by the 1.5400 level. On the whole, GBP faces the risk of further downside medium term.
This report is prepared solely for information and data purposes. Opinions, estimates and projections contained herein are those of FXTechstrategy.com own as of the date hereof and are subject to change without notice. The information and opinions contained herein have been compiled or arrived at from sources believed to be reliable but no representation or warranty, express or implied, is made as to their accuracy or completeness and neither the information nor the forecast shall be taken as a representation for which FXTechstrategy.com incurs any responsibility. FXTstrategy.com does not accept any liability whatsoever for any loss arising from any use of this report or its contents. This report is not construed as an offer to sell or solicitation of any offer to buy any of the currencies referred to in this report.
Recommended Content
Editors’ Picks
AUD/USD keeps the red below 0.6400 as Middle East war fears mount
AUD/USD is keeping heavy losses below 0.6400, as risk-aversion persists following the news that Israel retaliated with missile strikes on a site in Iran. Fears of the Israel-Iran strife translating into a wider regional conflict are weighing on the higher-yielding Aussie Dollar.
USD/JPY recovers above 154.00 despite Israel-Iran escalation
USD/JPY is recovering ground above 154.00 after falling hard on confirmation of reports of an Israeli missile strike on Iran, implying that an open conflict is underway and could only spread into a wider Middle East war. Safe-haven Japanese Yen jumped, helped by BoJ Governor Ueda's comments.
Gold price pares gains below $2,400, geopolitical risks lend support
Gold price is paring gains to trade back below $2,400 early Friday, Iran's downplaying of Israel's attack has paused the Gold price rally but the upside remains supported amid mounting fears over a potential wider Middle East regional conflict.
WTI surges to $85.00 amid Israel-Iran tensions
Western Texas Intermediate, the US crude oil benchmark, is trading around $85.00 on Friday. The black gold gains traction on the day amid the escalating tension between Israel and Iran after a US official confirmed that Israeli missiles had hit a site in Iran.
Dogwifhat price pumps 5% ahead of possible Coinbase effect
Dogwifhat price recorded an uptick on Thursday, going as far as to outperform its peers in the meme coins space. Second only to Bonk Inu, WIF token’s show of strength was not just influenced by Bitcoin price reclaiming above $63,000.