Slobodan Drvenica
Windsor Brokers
EURGBP
The cross surged to nine-week high at 0.8850 today, on broadly weaker pound. The rally was also supported by technicals, completion of cup-and-holder pattern on the daily chart. The price action is showing strong scope for extension above thick daily cloud (spanned between 0.8549 and 0.8887), as fresh gains approached cloud's top at 0.8887 (also 50% retracement of larger 0.9472/0.8302 descend, reinforced by weekly Kijun-sen line). Sustained break above this strong barrier would trigger fresh acceleration towards 0.9000 zone (psychological barrier / near Fibo 61.8% retracement), as the pound stays under increased pressure on Brexit concerns. Meantime, dips from session low are so far holding above initial support at 0.8749 (broken Fibo 38.2% of 0.9472/0.8302), which should ideally contain corrective actions and guard pivot at 0.8664 (rising daily Tenkan-sen line).
Res: 0.8850; 0.8887; 0.8936; 0.9025
Sup: 0.8749; 0.8692; 0.8664; 0.8590
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 edges lower toward 1.0700 post-US PCE
EUR/USD stays under modest bearish pressure but manages to hold above 1.0700 in the American session on Friday. The US Dollar (USD) gathers strength against its rivals after the stronger-than-forecast PCE inflation data, not allowing the pair to gain traction.
GBP/USD clings to gains just above 1.2500 on US PCE
GBP/USD keeps its uptrend unchanged and navigates the area beyond 1.2500 the figure amidst slight gains in the US Dollar following the release of US inflation tracked by the PCE.
Gold keeps its daily gains near $2,350 following US inflation
Gold prices maintain their constructive bias around $2,350 after US inflation data gauged by the PCE surpassed consensus in March and US yields trade with slight losses following recent peaks.
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Week ahead – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too
Fed meets on Wednesday as US inflation stays elevated. Will Friday’s jobs report bring relief or more angst for the markets? Eurozone flash GDP and CPI numbers in focus for the Euro.