GBP/USD Price Analysis: Bears stay the course despite break of trendline resistance

Ross J Burland FXStreet

GBP/USD is shedding some ground in Asia and is on the back foot in the Tokyo open. The pair has fallen from a high of 1.0992 and has printed a low of 1.0950 so far. Cable has attempted a recovery, scoring a high near 1.1180 on the move out of the prior trendline resistance that now acts as counter-trendline support as illustrated on the hourly charts below:

GBP/USD H1 chart

The M-formation is a reversion pattern which is a reversion pattern that might be expected to see the price correct higher in the coming hours, potentially into the neckline that meets a 38.2% Fibonacci retracement level:

GBP/USD H4 chart

Meanwhile, as for the structure on the four-hour chart, the neckline of the M0formation aligns with prior support dating back to September 30 that reinforces the prospects for there being potential resistance here.

GBP/USD weekly chart

The price remains bearish below 1.1500 following the test of the weekly 78.6% Fibo'.

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.

EUR/USD recovers some early losses driven by rising energy prices amid US-Iran war

The EUR/USD pair claws back some of its early losses during the late Asian trading session on Monday, but is still 0.25% down to near 1.1780. Earlier in the day, the Euro declined sharply against the US Dollar as investors shifted to the safe-haven fleet amid the brutal war between Iran, Israel, and the United States, which broke out over the weekend.

GBP/USD targets 1.3500 barrier near moving averages

GBP/USD rebounds from the daily losses, trading around 1.3450 during the Asian hours on Monday. The technical analysis of the daily chart indicates an ongoing bearish bias, as the pair trades within a descending channel pattern.

Gold looks further north as Iran war boosts haven demand

Gold is taking a breather after the initial run to over one-month highs near $5,400, kicking off the new week with a bang. A global flight to safety theme, following the US-Israel joint attacks on Iran over the weekend, bolstered the demand for the traditional store of value, Gold.

Bitcoin, Ethereum and Ripple under pressure as key supports face breakdown risk

Bitcoin, Ethereum, and Ripple prices trade on the back foot at the start of this week on Monday, after extending losses in the previous week. BTC is on the brink of a breakdown, ETH is capped below key resistance, and XRP risks a crack of the trendline.

The market is paying for insurance, not apocalypse

As expected, this morning felt less like a Monday market open and more like a fire drill. Futures screens flickered red. S&P contracts down almost 1%. Nasdaq off 1.2%. Brent leaped 13% through $80. Gold rose 1.6% toward $5350 before paring some gains. The dollar is strutting mildly. The Swiss franc is quietly doing what it always does in a storm, catching some safe-haven flows.

Starknet unveils strkBTC, shielded Bitcoin transactions on Ethereum Layer 2

Starknet, the Ethereum Layer 2 network developed by StarkWare, today announced strkBTC, a wrapped Bitcoin asset that introduces optional shielding while preserving full DeFi composability.