GBP/USD: Important moment for Cable bulls [Video]

Richard Perry Independent Analyst

GBP/USD

It is an important moment for the Cable bulls. We have discussed recently the importance of the approaching seven month downtrend (which comes in today at $1.2695). Yesterday’s failure at $1.2670 (also a shade under an old mid-June lower high of $1.2685) will leave Cable bulls concerned that this is another failed rally. The move looks to at least be perpetuating the medium term trading range. There is support of an eight day uptrend being tested this morning at $1.2580. A closing breach would disappoint the bulls, but the more important reaction would be around the neckline of what is a near term base pattern a t$1.2540. Given how Cable is still in a medium term range (between $1.2075/$1.2810), closing under $1.2540 would at least neutralise the outlook within the range. Under $1.2435 would then turn the market bearish within the range. Momentum is beginning to react too, with Stochastics now threatening a “bear cross” which would be just the third in three months and the previous two have all been the precursor to a decisive swing lower once more within the range.

Author

Richard Perry

Independent Analyst

EUR/USD extends its optimism past 1.1900

EUR/USD retains a firm underlying bid, surpassing the 1.1900 mark as the NA session draws to a close on Monday. The pair’s persistent uptrend comes as the US Dollar remains on the defensive, with traders staying cautious ahead of upcoming US NFP prints and CPI data.

GBP/USD hits three-day peaks, targets 1.3700

GBP/USD is clocking decent gains at the start of the week, advancing to three-day highs near 1.3670 and building on Friday’s solid performance. The better tone in the British Pound comes on the back of the intense sekk-off in the Greenback and despite re-emerging signs of a fresh government crisis in the UK.

Gold picks up pace, retargets $5,100

Gold gathers fresh steam, challenging daily highs en route to the $5,100 mark per troy ounce in the latter part of Monday’s session. The precious metal finds support from fresh signs of continued buying by the PBoC, while expectations that the Fed could lean more dovish also collaborate with the uptick.

XRP struggles around $1.40 despite institutional inflows

Ripple (XRP) is extending its intraday decline to around $1.40 at the time of writing on Monday amid growing pressure from the retail market and risk-off sentiment that continues to keep investors on the sidelines.

Japanese PM Takaichi nabs unprecedented victory – US data eyed this week

I do not think I would be exaggerating to say that Japanese Prime Minister Sanae Takaichi’s snap general election gamble paid off over the weekend – and then some. This secured the Liberal Democratic Party (LDP) an unprecedented mandate just three months into her tenure.