GBPUSD, Negative break of averages points lower

Alan Collins 3cAnalysis

In line with yesterday's outlook this week's decline from 22 month highs deepened. An attempt to renew buying it from the 13 day mvg avg was limited by Wednesday’s Marabuzo line. Failure at the crucial point translated into fresh downside that accelerated in the latter part of the day. Intraday signals for sentiment are approaching oversold extremes but while this a concern a clear close beneath the 13 day line and a loss of last week's entire net upside places our technical focus on the downside. So this morning’s call is a Modest Sell from 7am but leaving room to also Sell at 1.4112. The risk is 1.4144, Thursday’s Marabuzo line, with downside objectives of 1.4058, 1.4030 or even 1.4004, April 6th open.

GBPUSD Current Trading Positions

Sell 56%

Buy 44%

Avg Sell Price 1.4313

Avg Buy Price 1.4136

Liquidity Distribution

Author

Alan Collins

3cAnalysis

Alan has been involved in the financial markets for more than 30-years.

EUR/USD trims gains, hovers around 1.1900 post-US data

EUR/USD trades slightly on the back foot around the 1.1900 region in a context dominated by the resurgence of some buying interest around the US Dollar on turnaround Tuesday. Looking at the US docket, Retail Sales disappointed expectations in December, while the ADP 4-Week Average came in at 6.5K.

GBP/USD comes under pressure near 1.3680

The better tone in the Greenback hurts the risk-linked complex on Tuesday, prompting GBP/USD to set aside two consecutive days of gains and trade slightly on the defensive below the 1.3700 mark. Investors, in the meantime, keep their attention on key UK data due later in the week.

Gold loses some traction, still above $5,000

Gold faces some selling pressure on Tuesday, surrendering part of its recent two-day advance although managing to keep the trade above the $5,000 mark per troy ounce. The daily pullback in the precious metal comes in response to the modest rebound in the US Dollar, while declining US Treasury yields across the curve seem to limit the downside.

Bitcoin Cash trades lower, risks dead-cat bounce amid bearish signals

Bitcoin Cash trades in the red below $522 at the time of writing on Tuesday, after multiple rejections at key resistance. BCH’s derivatives and on-chain indicators point to growing bearish sentiment and raise the risk of a dead-cat bounce toward lower support levels.

Dollar drops and stocks rally: The week of reckoning for US economic data

Following a sizeable move lower in US technology Stocks last week, we have witnessed a meaningful recovery unfold. The USD Index is in a concerning position; the monthly price continues to hold the south channel support.

Bitcoin Cash trades lower, risks dead-cat bounce amid bearish signals

Bitcoin Cash (BCH) trades in the red below $522 at the time of writing on Tuesday, after multiple rejections at key resistance. BCH’s derivatives and on-chain indicators point to growing bearish sentiment and raise the risk of a dead-cat bounce toward lower support levels.