EUR/GBP
The cross was sharply lower on Monday, losing 0.85% since Asian opening until early hours of American session.
Sterling accelerated further, after being initially lifted by weaker dollar on downbeat US jobs data, with the latest signals that probability of Scottish independence referendum before 2025, decreased further, additionally boosting pound.
Fresh weakness cracked psychological 0.90 support and hit three-week low at 0.8595, pressuring key supports at 0.8590/88 (daily cloud base/Apr 19 low). Firm break here would increase risk of deeper fall on completion of lower platform at 0.8720 zone (April’s multiple upside rejections) and signal an end of corrective phase from 0.8472 (Apr 5 low), with break of nearby 0.8566 Fibo support (61.8% of 0.8472/0.8718) to confirm bearish stance.
Today’s bearish acceleration brought daily moving averages back to bearish configuration and momentum entered negative territory, supporting the action. Caution on failure to break 0.8590 zone pivots at first attempts that would keep bears on hold for consolidation, but the action is expected to remain biased lower while holding below daily Tenkan-sen (0.8656).
Res: 0.8619; 0.8638; 0.8656; 0.8670
Sup: 0.8590; 0.8566; 0.8530; 0.8500
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 holds gains above 1.0700, as key US data loom
EUR/USD holds gains above 1.0700 in the European session on Thursday. Renewed US Dollar weakness offsets the risk-off market environment, supporting the pair ahead of the key US GDP and PCE inflation data.
GBP/USD extends recovery above 1.2500, awaits US GDP data
GBP/USD is catching a fresh bid wave, rising above 1.2500 in European trading on Thursday. The US Dollar resumes its corrective downside, as traders resort to repositioning ahead of the high-impact US advance GDP data for the first quarter.
Gold price edges higher amid weaker USD and softer risk tone, focus remains on US GDP
Gold price (XAU/USD) attracts some dip-buying in the vicinity of the $2,300 mark on Thursday and for now, seems to have snapped a three-day losing streak, though the upside potential seems limited.
XRP extends its decline, crypto experts comment on Ripple stablecoin and benefits for XRP Ledger
Ripple extends decline to $0.52 on Thursday, wipes out weekly gains. Crypto expert asks Ripple CTO how the stablecoin will benefit the XRP Ledger and native token XRP.
US Q1 GDP Preview: Economic growth set to remain firm in, albeit easing from Q4
The United States Gross Domestic Product (GDP) is seen expanding at an annualized rate of 2.5% in Q1. The current resilience of the US economy bolsters the case for a soft landing.