Richard Perry
Independent Analyst
GBP/USD
Once more weakness has been bought into as Cable has dipped into the medium term support band $1.2900/$1.3000. A bullish engulfing candlestick formed yesterday as the Bank of England opted not to cut rates. This move has re-affirmed the triangle of converging trendlines and turned a slight corrective bias into a slight positive one again. The top of the triangle comes in around $1.3140 today and is now being eyed. However, until there is a closing breach of $1.3170 resistance this near to medium term phase of consolidation will continue. An early consolidation of today’s Asian session has been met with buying pressure as the Europeans have taken over and there is a more positive outlook beginning to take hold. This is pulling Stochastics higher and the bulls will be looking for moves above 60 on both RSI and Stochastics to suggest upside traction is forming. The hourly char is looking more positive now and holding a break above $1.3110 would, keep a test of $1.3170 open. Initial support is now at $1.3080 and a break back below this would see a retreat back towards $1.3000 again.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
AUD/USD: Further losses retarget the 200-day SMA
Further gains in the greenback and a bearish performance of the commodity complex bolstered the continuation of the selling pressure in AUD/USD, which this time revisited three-day lows near 0.6560.
EUR/USD: Further weakness remains on the cards
EUR/USD added to Tuesday’s pullback and retested the 1.0730 region on the back of the persistent recovery in the Greenback, always against the backdrop of the resurgence of the Fed-ECB monetary policy divergence.
Gold flirts with $2,320 as USD demand losses steam
Gold struggles to make a decisive move in either direction and moves sideways in a narrow channel above $2,300. The benchmark 10-year US Treasury bond yield clings to modest gains near 4.5% and limits XAU/USD's upside.
Bitcoin price dips to $61K range, encourages buying spree among BTC fish, dolphins and sharks
Bitcoin (BTC) price is chopping downwards on the one-day time frame, while the outlook seen in the one-week period is a horizontal trade. In this shakeout moment, data shows that large holders are using the correction to buy up BTC.
Navigating the future of precious metals
In a recent episode of the Vancouver Resource Investment Conference podcast, hosted by Jesse Day, guests Stefan Gleason and JP Cortez shared their expert analysis on the dynamics of the gold and silver markets and discussed legislative efforts to promote these metals as sound money in the United States.