Patterns: GBP/CAD, GBP/AUD

Dukascopy Bank Team Dukascopy Bank SA

GBP/CAD 4H Chart: Two scenarios likely

The GBP/CAD currency pair has been trading between the 1.7000/1.7186 levels since the middle of May. The exchange rate rose by 0.64% during last week's trading sessions.

Technical indicators suggest buying signals on the 4H time-frame chart. Most likely, the Pound Sterling could continue to edge higher against the Canadian Dollar during the following trading sessions.

On the other hand, the currency exchange rate might continue to trade within the 1.7000/1.7186 levels this week.

GBP/AUD 4H Chart: Tests support line

The British Pound has plunged by 1.30% against the Australian Dollar since the beginning of June. The currency pair tested the weekly support level at 1.8218 on June 10.

All things being equal, the exchange rate could continue to edge lower during this week's trading sessions. The potential target for the GBP/AUD pair will be near the lower boundary of an ascending channel pattern at 1.8063.

However, a support line formed by the 200– period simple moving average at 1.8171 could provide support for the currency exchange rate this week.

Author

Dukascopy Bank Team

Dukascopy Bank SA

Dukascopy Bank stands as an innovative Swiss online banking institution, with its headquarters situated in Geneva, Switzerland.

EUR/USD hits two-day highs near 1.1820

EUR/USD picks up pace and reaches two-day tops around 1.1820 at the end of the week. The pair’s move higher comes on the back of renewed weakness in the US Dollar amid growing talk that the Fed could deliver an interest rate cut as early as March. On the docket, the flash US Consumer Sentiment improves to 57.3 in February.

GBP/USD reclaims 1.3600 and above

GBP/USD reverses two straight days of losses, surpassing the key 1.3600 yardstick on Friday. Cable’s rebound comes as the Greenback slips away from two-week highs in response to some profit-taking mood and speculation of Fed rate cuts. In addition, hawkish comments from the BoE’s Pill are also collaborating with the quid’s improvement.

Gold climbs further, focus is back to 45,000

Gold regains upside traction and surpasses the $4,900 mark per troy ounce at the end of the week, shifting its attention to the critical $5,000 region. The move reflects a shift in risk sentiment, driving flows back towards traditional safe haven assets and supporting the yellow metal.

Crypto Today: Bitcoin, Ethereum, XRP rebound amid risk-off, $2.6 billion liquidation wave

Bitcoin edges up above $65,000 at the time of writing on Friday, as dust from the recent macro-triggered sell-off settles. The leading altcoin, Ethereum, hovers above $1,900, but resistance at $2,000 caps the upside. Meanwhile, Ripple has recorded the largest intraday jump among the three assets, up over 10% to $1.35.

Three scenarios for Japanese Yen ahead of snap election

The latest polls point to a dominant win for the ruling bloc at the upcoming Japanese snap election. The larger Sanae Takaichi’s mandate, the more investors fear faster implementation of tax cuts and spending plans.

XRP rally extends as modest ETF inflows support recovery

Ripple is accelerating its recovery, trading above $1.36 at the time of writing on Friday, as investors adjust their positions following a turbulent week in the broader crypto market. The remittance token is up over 21% from its intraday low of $1.12.