Dukascopy Bank Team
Dukascopy Bank SA
GBP/USD
The GBP/USD currency exchange rate has been finding support in the 1.3195/1.3210 zone. However, the rate had retraced up to the resistance of the 100-hour simple moving average and the weekly simple moving average near 1.3265, before the second decline to the support zone.
In the case that the pair passes the support zone of 1.3195/1.3210, the GBP/USD might look for support in the weekly S1 simple pivot point at 1.3167. Further below, note the 1.3100 mark and the weekly S2 simple pivot point at 1.3093.
Meanwhile, a recovery of the GBP against the USD is highly likely set to encounter resistance in the 50, 100 and 200-hour simple moving averages, the weekly simple pivot point and this week's high level zone. All of these levels are located in the 1.3255/1.3290 zone.
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
AUD/USD tests lows near 0.6550 after dismal Aussie Retail Sales, mixed China's PMIs
AUD/USD is testing lows near 0.6550 after Australian Retail Sales dropped by 0.4% in March while China's NBS April PMI data came in mixed. Upbeat China's Caixin Manufacturing PMI data fails to lift the Aussie Dollar amid a softer risk tone and the US Dollar rebound.
USD/JPY rebounds to 157.00 after Monday's suspected intervention-led crash
USD/JPY is trading close to 157.00, staging a solid rebound in the Asian session on Tuesday. The pair reverses a part of heavy losses incurred on Monday after the Japanese Yen rallied hard on probable FX market intervention by Japan's authorities. Poor Japan's jobs and Retail Sales data weigh on the Yen.
Gold prices soften as traders gear up for Fed monetary policy decision
Gold price snaps two days of gains, yet it remains within familiar levels, with traders bracing for the US Fed's monetary policy decision on May 1. The XAU/USD retreats below the daily open and trades at $2,334, down 0.11%, courtesy of an improvement in risk appetite.
BNB price risks a 10% drop as Binance founder and ex-CEO Changpeng Zhao eyes Tuesday sentencing
Binance Coin price is dumping, with the one-day chart showing a defined downtrend. While the broader market continues to bleed, things could get worse for BNB price ahead of Binance executive Changpeng Zhao sentencing on Tuesday, April 30.
FX market still on intervention watch
Asian foreign exchange traders will be particularly attentive to any signs of Japanese intervention on Tuesday, following reports of Tokyo's involvement in the market on Monday. This intervention action propelled the yen upward from its 34-year low of 160 per dollar, setting off shockwaves of volatility.