GBP/USD Price Analysis: Bears about to re-engage at critical 15-min resistance?

GBP/USD in a Brexit headline chop with a discount on the cards for bears.
The 15-min chart displays a potential selling opportunity.

Ross J Burland FXStreet

GBP/USD is in a chop but could be about to pull in further offers to complete a downside extension to prior resistance turning support structure.

15-min chart

As illustrated, the price is now testing a critical resistance area and has left a wick on the downside.

On the lower time frames, such as the 5-min, this wick merely represents a bullish correction from which failures beyond 1.3580 could result in further selling pressures.

If the bulls capitulate, then there are prospects of a downside correction to the 1.3530/40 support.

5-min chart

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

GBP/USD clings to gains near 1.3400

GBP/USD retreats after reaching a three-week high above 1.3430, challenging the 1.3400 yardstick on Thursday. Although easing political uncertainty in the UK helps the quid limit its downside, escalating tensions in the Middle East support the Greenback, keeping Cable under scrutiny.

EUR/USD nudges higher above 1.1400 as traders ramp up their bets on ECB hikes

The EUR/USD pair posts modest gains around 1.1430 during the early Asian session on Friday, bolstered by a softer US Dollar. The European Central Bank is grappling with elevated core inflation, forcing traders to price in more aggressive tightening despite mixed guidance from ECB officials.

Gold holds steady above $4,100 amid subdued USD price action

Gold struggles to capitalize on the previous day's positive move, though it holds above $4,100 during the Asian session on Friday as traders await further developments surrounding the US-Iran saga. The geopolitical risk premium resurfaced amid a fresh escalation of tensions between the US and Iran, which supports the safe-haven US Dollar and acts as a headwind for the bullion. However, less hawkish FOMC Minutes keep USD bulls on the defensive and help limit downside for the non-yielding yellow metal.

BitGo unveils quantum risk management tools for Bitcoin wallets

BitGo has introduced a suite of quantum risk management tools for institutional Bitcoin wallets, aiming to help clients identify, assess and reduce potential exposure to future quantum computing threats before they become a practical concern.

Japan may be changing its Yen strategy, but markets don’t look scared

Japan may be changing its intervention playbook, but that might not be enough to rescue the battered Yen. With USD/JPY hovering at four-decade highs, the currency’s weakness is being driven less by speculative pressure and more by a powerful structural force: the wide US-Japan rate gap.

Bye, forward guidance: How to trade when central banks choose silence

Central banks have spent years telling markets what might come next. Now, traders face the possibility that they say a lot less. From the Federal Reserve to the European Central Bank and the Bank of England, policymakers are pushing back against forward guidance.