GBP/USD: Likely to trade between 1.3430 and 1.3490 – UOB Group

The EUR/USD pair nears its weekly low at around 1.1660 in the American session on Tuesday, retreating from the 1.1750 price zone tested earlier in the day. Cautiously optimistic markets support the US Dollar in the near term.

GBP/USD extends its intraday slide and trades in the red just below 1.3500 after setting a new three-month-high near 1.3570. Ahead of this week's key employment data releases from the US, markets recover the good mood.

Gold eases from the weekly high it set at $4,475 but clings to modest gains above $4,450 in the second half of the day on Tuesday. While a rebound in the US Dollar caps the yellow metal's upside, heightened political tensions allow XAU/USD to keep its footing.

Bitcoin is retracing toward support at $93,000 at the time of writing on Tuesday, after reaching a previous day’s high of $94,789. Ethereum and Ripple uptrend has cooled after several days of persistent gains, suggesting potential profit-taking.

Events in Venezuela are top of mind for market participants, and while developments are associated with an elevated degree of uncertainty, we are not making any changes to our markets or economic forecasts as a result of the deposition of Nicolás Maduro. 

Cardano rises above the 50-day EMA resistance amid a risk-on mood across the crypto market. The MACD upholds positive divergence, increasing the potential for a 20% breakout to $0.505.