Dukascopy Bank Team
Dukascopy Bank SA
The market was calm on Tuesday morning, as traders were awaiting the British Annual Budget report and the US inflation data. The first event did not cause any reaction, while the latter shook up the market significantly with a 100-pip surge within a couple hours. The bullish sentiment was likewise strengthened by Trump's unexpected decision to fire the US Secretary of State.
As a result, the pair breached a six-week down-trend, the weekly R1, the monthly PP and the 38.20% Fibo retracement. The following hours were once again spent without major advances, thus suggesting that some correction south could be possible today. The southern limit for today could be the the aforementioned pivot points at 1.3930.
Subsequently, the rate is expected to surge up to the senior channel circa 1.40.
Interested in GBPUSD technicals? Check out the key levels
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.
Recommended Content
Editors’ Picks
EUR/USD holds gains near 1.0650 amid risk reset
EUR/USD is holding onto its recovery mode near 1.0650 in European trading on Friday. A recovery in risk sentiment is helping the pair, as the safe-haven US Dollar pares gains. Earlier today, reports of an Israeli strike inside Iran spooked markets.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD is rebounding toward 1.2450 in early Europe on Friday, having tested 1.2400 after the UK Retail Sales volumes stagnated again in March, The pair recovers in tandem with risk sentiment, as traders take account of the likely Israel's missile strikes on Iran.
Gold price defends gains below $2,400 as geopolitical risks linger
Gold price is trading below $2,400 in European trading on Friday, holding its retreat from a fresh five-day high of $2,418. Despite the pullback, Gold price remains on track to book the fifth weekly gain in a row, supported by lingering Middle East geopolitical risks.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price shows no signs of directional bias while it holds above $60,000. The fourth BTC halving is partially priced in, according to Deutsche Bank’s research.
Geopolitics once again take centre stage, as UK Retail Sales wither
Nearly a week to the day when Iran sent drones and missiles into Israel, Israel has retaliated and sent a missile into Iran. The initial reports caused a large uptick in the oil price.