GBP/USD Price Analysis: GBP/USD profit taking in play as US dollar stalls

GBP/USD bears moved in on the weekly W-formation's target.
The US dollar is now stalling which could give some support to cable.

Ross J Burland FXStreet

As per the prior analysis, GBP/USD Price Analysis: Bears eye a trip to 1.3450 as per weekly chart, cable has indeed move din on the target area as follows:

GBP/USD prior analysis

The above was the W-formation's neckline targetted.

Below was the expected trajectory of the price action on the hourly chart, noting the prospect of a restest of the support (liquidity grab) and subsequent projected decline.

GBP/USD live charts

The price action and flight path followed suit into the weekly support target area.

At this juncture, much will now depend on geopolitics, global equities and the US dollar that will benefit from safe-haven flows or any uber hawkish surprise at the Federal Reserve meeting.

As it stands, the US dollar, as measured by the DXY index, is stalling for now:

The 61.8% ratio meets with prior highs as a firm layer of potential support for the sessions ahead.

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 slumps below 1.1750 as USD benefits from risk-aversion

EUR/USD comes under renewed bearish pressure in the European session and trades below 1.1750 following a recovery attempt earlier in the day. The US Dollar gathers strength and weighs on the pair as investors seek refuge in the wake of Israel and the United States' joint attack on Iran.

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 surges on safe-haven demand, rises above $5,400

Gold benefits from intense risk-aversion on Monday and climbs above $5,400, setting a fresh monthly-high in the process. Tensions in the Middle East remain high as Israel and Hezbollah continue to exchange strikes following the US-Israel joint attack on Iran over the weekend.

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.

Pi Network Price Forecast: Core team offloads supply, weighing on PI recovery

Pi Network hovers below $0.1700, broadly steady at press time on Monday, attempting a recovery after a 2% loss the previous day. Sunday’s decline aligned with nearly 49 million PI tokens offloaded by the Pi Foundation, implying a spike in supply pressure that capped the prevailing four-day recovery.