GBP/USD: Downside pressure appears mitigated – UOB

EUR/USD further extends its bearish leg on Wednesday, coming under extra pressure and breaching below the 1.1700 level to flirt with four-week troughs in a context of marginal gains in the US Dollar ahead of the key US NFP on Friday.

The GBP/USD pair is seen consolidating its heavy losses registered over the past two days and oscillating in a narrow trading band, just above mid-1.3400s during the Asian session on Thursday. However, the fundamental backdrop warrants some caution for bearish traders and before positioning for an extension of the retracement slide from the 1.3565-1.3570 region, or the highest level since September 18, touched on Tuesday.

Gold remains on the back foot on Wednesday, hovering around $4,450 per troy ounce after bringing a three-day rally to an end. The metal’s advance seems to have run out of steam near the $4,500 area, with a firmer US Dollar after key US data weighing on prices. Still, the downside looks limited for now, thanks to falling US Treasury yields across the curve.

Ripple (XRP) is trading downward but holding support at $2.22 at the time of writing on Wednesday, as fear spreads across the cryptocurrency market, reversing gains made from the start of the year.

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Ripple (XRP) is trading downward but holding support at $2.22 at the time of writing on Wednesday, as fear spreads across the cryptocurrency market, reversing gains made from the start of the year.