GBPUSD
Today's fresh extension of sharp two-day fall from 1.5816 peak, has eventually met n/t target at 1.5423, low of 07 Aug and completed 1.5423/1.5816 upleg, also cracking psychological 1.54 handle, in extension.
The way is now open towards next support at 1.5368, 200SMA, with further bearish acceleration to possibly open next strong support at 1.5327, low of 08 July.
Daily indicators are entering negative territory, along with setup of daily MA's in bearish mode and expanding 20d Bollingers, seen supportive for further weakness.
Broken daily 100SMA, now marks initial resistance at 1.5467, ahead of daily high at 1.5507 and daily cloud base at 1.5548, which should cap any stronger recovery attempt.
Res: 1.5467; 1.5507; 1.5548; 1.5573
Sup: 1.5398; 1.5368; 1.5327; 1.5300
Recommended Content
Editors’ Picks
AUD/USD risks a deeper drop in the short term
AUD/USD rapidly left behind Wednesday’s decent advance and resumed its downward trend on the back of the intense buying pressure in the greenback, while mixed results from the domestic labour market report failed to lend support to AUD.
EUR/USD leaves the door open to a decline to 1.0600
A decent comeback in the Greenback lured sellers back into the market, motivating EUR/USD to give away the earlier advance to weekly tops around 1.0690 and shift its attention to a potential revisit of the 1.0600 neighbourhood instead.
Gold is closely monitoring geopolitics
Gold trades in positive territory above $2,380 on Thursday. Although the benchmark 10-year US Treasury bond yield holds steady following upbeat US data, XAU/USD continues to stretch higher on growing fears over a deepening conflict in the Middle East.
Bitcoin price shows strength as IMF attests to spread and intensity of BTC transactions ahead of halving
Bitcoin (BTC) price is borderline strong and weak with the brunt of the weakness being felt by altcoins. Regarding strength, it continues to close above the $60,000 threshold for seven weeks in a row.
Is the Biden administration trying to destroy the Dollar?
Confidence in Western financial markets has already been shaken enough by the 20% devaluation of the dollar over the last few years. But now the European Commission wants to hand Ukraine $300 billion seized from Russia.