GBP/USD, EUR/GBP, GBP/NZD
GBPUSD seeing a high for the week so far exactly at resistance again at 1.3835/55. A low for the day exactly at first support at 1.3740/30 with longs offered up to 90 pips profit.
EURGBP held just above important 200 week moving average support at 8405/8395 all this week in severely oversold conditions & topped exactly at minor resistance at 8445/55. Same levels apply for today of course.
GBPNZD longs at important support at 1.9180/70 this trade worked perfectly on the bounce to resistance at 1.9295/05 for a 100 pip profit.
Daily analysis
GBPUSD still holding resistance at 1.3835/55. This is key to direction in severely overbought conditions. Try shorts with stops above 1.3875. A break above here is a medium term buy signal.
Shorts at resistance at 1.3835/55 target 1.3780/70 & support at 1.3740/30 for profit taking. Longs need stops below 1.3710. A break lower targets minor support at 1.3670/60, perhaps as far as strong support at 1.3600/1.3580.
EURGBP tests & holds minor resistance at 8455/65 this week. Strong resistance at 8475/86, stop above 8495.
On the downside we have important 200 week moving average support at 8405/8395 in severely oversold conditions. Longs need stops below 8380.
GBPNZD longs at important support at 1.9180/70 are working. First target is 1.9240/60 then resistance at 1.9295/05 for profit taking. Shorts here today need stops above 1.9315.
A break higher meets a selling opportunity at 1.9370/90 with stops above 1.9410. A break below support at 1.9180/70 is more likely on the next test.
Chart
The contents of our reports are intended to be understood by professional users who are fully aware of the inherent risks in Forex, Futures, Options, Stocks and Bonds trading. INFORMATION PROVIDED WITHIN THIS MATERIAL SHOULD NOT BE CONSTRUED AS ADVICE AND IS PROVIDED FOR INFORMATION AND EDUCATION PURPOSES ONLY.
Recommended Content
Editors’ Picks
AUD/USD hovers around 0.6500 amid light trading, ahead of US GDP
AUD/USD is trading close to 0.6500 in Asian trading on Thursday, lacking a clear directional impetus amid an Anzac Day holiday in Australia. Meanwhile, traders stay cautious due ti risk-aversion and ahead of the key US Q1 GDP release.
USD/JPY finds its highest bids since 1990, near 155.50
USD/JPY keeps breaking into its highest chart territory since June of 1990 early Thursday, testing 155.50 for the first time in 34 years as the Japanese Yen remains vulnerable, despite looming Japanese intervention risks. Focus shifts to Thursday's US GDP report and the BoJ decision on Friday.
Gold price treads water near $2,320, awaits US GDP data
Gold price recovers losses but keeps its range near $2,320 early Thursday. Renewed weakness in the US Dollar and the US Treasury yields allow Gold buyers to breathe a sigh of relief. Gold price stays vulnerable amid Middle East de-escalation, awaiting US Q1 GDP data.
Injective price weakness persists despite over 5.9 million INJ tokens burned
Injective price is trading with a bearish bias, stuck in the lower section of the market range. The bearish outlook abounds despite the network's deflationary efforts to pump the price. Coupled with broader market gloom, INJ token’s doomed days may not be over yet.
Meta Platforms Earnings: META sinks 10% on lower Q2 revenue guidance Premium
This must be "opposites" week. While Doppelganger Tesla rode horrible misses on Tuesday to a double-digit rally, Meta Platforms produced impressive beats above Wall Street consensus after the close on Wednesday, only to watch the share price collapse by nearly 10%.