Slobodan Drvenica
Windsor Brokers
EURGBP
The cross regained traction and bounced from strong support at 0.8790 (200SMA/broken Fibo 50% of 0.9113/0.8471), which contained brief pullback from new 5 1/2 month high at 0.8850, posted last Friday. Sterling took a breather after steep fall in past three weeks, but prevailing negative tone on political turmoil and fears that the UK may leave EU without deal, keeps the cross well supported Strong bullish momentum, formation of 20/100SMA's bull-cross and 10SMA in steep ascend and approaching 200SMA, on track to form golden-cross, continue to underpin the action. Bulls eye pivotal barrier at 0.8868 (Fibo 61.8%), violation of which would generate strong bullish signal for extension towards psychological 0.90 resistance. Overbought daily studies continue to warn, but lack firmer signal, with bullish bias expected to remain intact and support dip-buying strategy while the price holds above broken 200SMA.
Res: 0.8850; 0.8868; 0.8900; 0.8962
Sup: 0.8790; 0.8773; 0.8726; 0.8678
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.
Recommended Content
Editors’ Picks
EUR/USD consolidates gains below 1.0700 amid upbeat mood
EUR/USD is consolidating its recovery below 1.0700 in the European session on Thursday. The US Dollar holds its corrective decline amid improving market mood, despite looming Middle East geopolitical risks. Speeches from ECB and Fed officials remain on tap.
GBP/USD clings to moderate gains above 1.2450 on US Dollar weakness
GBP/USD is clinging to recovery gains above 1.2450 in European trading on Thursday. The pair stays supported by a sustained US Dollar weakness alongside the US Treasury bond yields. Risk appetite also underpins the higher-yielding currency pair. ahead of mid-tier US data and Fedspeak.
Gold price shines amid fears of fresh escalation in Middle East tensions
Gold price rebounds to $2,380 in Thursday’s European session after posting losses on Wednesday. The precious metal holds gains amid fears that Middle East tensions could worsen and spread beyond Gaza if Israel responds brutally to Iran.
Ripple faces significant correction as former SEC litigator says lawsuit could make it to Supreme Court
Ripple (XRP) price hovers below the key $0.50 level on Thursday after failing at another attempt to break and close above the resistance for the fourth day in a row.
Have we seen the extent of the Fed rate repricing?
Markets have been mostly consolidating recent moves into Thursday. We’ve seen some profit taking on Dollar longs and renewed demand for US equities into the dip. Whether or not this holds up is a completely different story.