Istvan Varkonyi
Marketprog Ltd.
Hourly chart: The exchange rate could not recover from the brief visit below the support at $1,6780 and it seems to head even lower. This drop could turn into a much bigger selloff but the first target prices are at $1,6730 and $1,6690.
A rise in the exchange rate is somewhat unlikely at this point, the moving averages and the broken through supports should offer plenty of resistance for any attempts to climb higher. In any case the GBPUSD needs to climb above $1,68 to give any hope for the bulls.
Marketprog Ltd. excludes any liability for any damages resulting from the use of data and information representing the published content or the company website. Analytical reports, evaluations and selections available on the website and as published content are exclusively for informational purposes; they cannot and shall not be considered to represent investment advice or analysis from Marketprog Ltd. or a public offer. Neither shall the content of the website or otherwise published content be considered a call encouraging investment in products researched by the Software embedded in the website or in any published content. All liability and risk in connection with making any investment decision shall be borne by the user irrespective of how the use of the Software embedded in the website, or any published content might have influenced such decision.
Recommended Content
Editors’ Picks
EUR/USD holds above 1.0750 to start the week
EUR/USD trades in positive territory above 1.0750 in the European session on Monday. The US Dollar struggles to find demand following Friday's disappointing labor market data and helps the pair hold its ground.
GBP/USD edges higher toward 1.2600
Following Friday's volatile action, GBP/USD pushes higher toward 1.2600 on Monday. Soft April jobs report from the US and the modest improvement seen in risk mood make it difficult for the US Dollar to gather strength.
Gold rebounds above $2,310 after downbeat NFP data, eyes on Fedspeak
Gold price trades in positive territory above $2,310 after closing the previous week in the red. The weaker-than-expected US employment data have boosted the odds of a September Fed rate cut, hurting the USD and helping XAU/USD find support.
Addressing the crypto investor dilemma: To invest or not? Premium
Bitcoin price trades around $63,000 with no directional bias. The consolidation has pushed crypto investors into a state of uncertainty. Investors can expect a bullish directional bias above $70,000 and a bearish one below $50,000.
Week ahead: BoE and RBA decisions headline a calm week
Bank of England meets on Thursday, unlikely to signal rate cuts. Reserve Bank of Australia could maintain a higher-for-longer stance. Elsewhere, Bank of Japan releases summary of opinions.