Steve Miley, MSTA
MarketChartist
A better rebound effort than anticipated Wednesday, but despite a nudge at retrace resistance at 1.5725, the better barrier at 1.5735 peak has capped.
This leaves bearish pressures intact for a roll lower to the range, given the push last week through chart/ 61.8% retrace support 1.5750/20 and the early November breakdown through the 1.5854 weekly swing low from Q4 2013.
The November risk is still lower to a key swing low at 1.5430; interim targets are at 1.5593 and 1.5503/00.
Overshoot threat for November is to the 78.6% retrace support at 1.5320.
What Changes This? Above 1.5737 eases bear risks; through 1.5945 signals a neutral tone, only shifting positive above 1.6040.
For Today: We see a downside bias through 1.5646 for 1.5590; break here aims for 1.5572, maybe 1.5550. But above 1.5737 opens risk up to 1.5782.
2 Hour GBPUSD Chart
Weekly GBPUSD Chart
THERE IS SUBSTANTIAL RISK OF LOSS IN TRADING FUTURES, OPTIONS AND FX PRODUCTS. INFORMATION PROVIDED WITHIN THIS MATERIAL SHOULD NOT BE CONSTRUED AS ADVICE
Recommended Content
Editors’ Picks
EUR/USD clings to gains above 1.0750 after US data
EUR/USD manages to hold in positive territory above 1.0750 despite retreating from the fresh multi-week high it set above 1.0800 earlier in the day. The US Dollar struggles to find demand following the weaker-than-expected NFP data.
GBP/USD declines below 1.2550 following NFP-inspired upsurge
GBP/USD struggles to preserve its bullish momentum and trades below 1.2550 in the American session. Earlier in the day, the disappointing April jobs report from the US triggered a USD selloff and allowed the pair to reach multi-week highs above 1.2600.
Gold struggles to hold above $2,300 despite falling US yields
Gold stays on the back foot below $2,300 in the American session on Friday. The benchmark 10-year US Treasury bond yield stays in negative territory below 4.6% after weak US data but the improving risk mood doesn't allow XAU/USD to gain traction.
Bitcoin Weekly Forecast: Should you buy BTC here? Premium
Bitcoin (BTC) price shows signs of a potential reversal but lacks confirmation, which has divided the investor community into two – those who are buying the dips and those who are expecting a further correction.
Week ahead – BoE and RBA decisions headline a calm week
Bank of England meets on Thursday, unlikely to signal rate cuts. Reserve Bank of Australia could maintain a higher-for-longer stance. Elsewhere, Bank of Japan releases summary of opinions.