GBP/USD – EUR/GBP
GBPUSD bounced 15 pips below the best support at the 100 day moving average at 1.3695/85, exactly at the March low at 1.3668.
EURGBP recovered all of March’s losses forming a massive bullish engulfing candle on the weekly chart.
Daily Analysis
GBPUSD key support at the 100 day moving average & correction low at 1.3685/65. A bounce targets 1.3745/55. Expect strong resistance at 1.3790/1.3810. Shorts need stops above 1.3820. Above here targets 1.3860 & strong resistance at 1.3880/90.
1.3685/70 is the most important support of the week but longs need stops below 1.3655. A break lower to is likely to target 1.3580/60.
EURGB topped exactly at the next target of 8690/8700. Further gains meet very strong resistance at 8750/60.
Two strong support levels today at 8650/40 & 8515/05.
Chart
The contents of our reports are intended to be understood by professional users who are fully aware of the inherent risks in Forex, Futures, Options, Stocks and Bonds trading. INFORMATION PROVIDED WITHIN THIS MATERIAL SHOULD NOT BE CONSTRUED AS ADVICE AND IS PROVIDED FOR INFORMATION AND EDUCATION PURPOSES ONLY.
Recommended Content
Editors’ Picks
AUD/USD pressures as Fed officials hold firm on rate policy
The Australian Dollar is on the defensive against the US Dollar, as Friday’s Asian session commences. On Thursday, the antipodean clocked losses of 0.21% against its counterpart, driven by Fed officials emphasizing they’re in no rush to ease policy. The AUD/USD trades around 0.6419.
EUR/USD extends its downside below 1.0650 on hawkish Fed remarks
The EUR/USD extends its downside around 1.0640 after retreating from weekly peaks of 1.0690 on Friday during the early Asian session. The hawkish comments from Federal Reserve officials provide some support to the US Dollar.
Gold price edges higher on risk-off mood hawkish Fed signals
Gold prices advanced late in the North American session on Thursday, underpinned by heightened geopolitical risks involving Iran and Israel. Federal Reserve officials delivered hawkish messages, triggering a jump in US Treasury yields, which boosted the Greenback.
Runes likely to have massive support after BRC-20 and Ordinals frenzy
With all eyes peeled on the halving, Bitcoin is the center of attention in the market. The pioneer cryptocurrency has had three narratives this year already, starting with the spot BTC exchange-traded funds, the recent all-time high of $73,777, and now the halving.
Billowing clouds of apprehension
Thursday marked the fifth consecutive session of decline for US stocks as optimism regarding multiple interest rate cuts by the Federal Reserve waned. The downturn in sentiment can be attributed to robust economic data releases, prompting traders to adjust their expectations for multiple rate cuts this year.