EUR/GBP Technical Analysis: Bulls reach a new 2018 high

EUR/GBP reached a new 2018 high at 0.9032 this Thursday then the market pulled back to the 200-period simple moving average just below the 0.9000 mark.
EUR/GBP seems to have found some support above 0.8957/67 area. Bulls objective is to resume the bull trend in order to reach 0.9109 September 8, 2017 low.
An extension of the pullback would lead EUR/GBP towards 0.8937 July 31 high.

Flavio Tosti Independent Analyst

EUR/GBP 15-minute chart

EUR/GBP daily chart

Spot rate: 0.8992

Relative change: -0.21%
High: 0.9032
Low: 0.8984

Trend: Bullish

Resistance 1: 0.9019 August 9 high
Resistance 2: 0.9109 September 8, 2017 low
Resistance 3: 0.9160 August 23, 2017 low

Support 1: 0.8957/67 area, July 20 high and March 7 high
Support 2: 0.8937 July 31 high
Support 3: 0.8920 supply level
Support 4: 0.8900 July 9 high
Support 5: 0.8868, 13 July high
Support 6: 0.8840 supply level
Support 7: 0.8820-0.8840 area, 200-day SMA
Support 8: 0.8800 figure
Support 9: 0.8780 daily 50-period SMA
Support 10: 0.8764 June 8 low

Author

Flavio Tosti

Independent Analyst

EUR/USD meets initial support around 1.1800

EUR/USD remains on the back foot, although it has managed to reverse the initial strong pullback toward the 1.1800 region and regain some balance, hovering around the 1.1850 zone as the NA session draws to a close on Tuesday. Moving forward, market participants will now shift their attention to the release of the FOMC Minutes and US hard data on Wednesday.

GBP/USD bounces off lows, retargets 1.3550

After bottoming out just below the 1.3500 yardstick, GBP/USD now gathers some fresh bids and advances to the 1.3530-1.3540 band in the latter part of Tuesday’s session. Cable’s recovery comes as the Greenback surrenders part of its advance, although it keeps the bullish bias well in place for the day.

Gold remains offered below $5,000

Gold stays on the defensive on Tuesday, receding to the sub-$5,000 region per troy ounce on the back of the persistent move higher in the Greenback. The precious metal’s decline is also underpinned by the modest uptick in US Treasury yields across the spectrum.

RBNZ set to pause interest-rate easing cycle as new Governor Breman faces firm inflation

The Reserve Bank of New Zealand remains on track to maintain the Official Cash Rate at 2.25% after concluding its first monetary policy meeting of this year on Wednesday.

UK jobs market weakens, bolstering rate cut hopes

In the UK, the latest jobs report made for difficult reading. Nonetheless, this represents yet another reminder for the Bank of England that they need to act swiftly given the collapse in inflation expected over the coming months.

Ripple slides to $1.45 as downside risks surge

Ripple edges lower at the time of writing on Tuesday, from the daily open of $1.48, as headwinds persist across the crypto market. A short-term support is emerging at $1.45, but a buildup of bearish positions could further weaken the derivatives market and prolong the correction.