GBP/USD: Short term downtrend eroded - Commerzbank

Sandeep Kanihama FXStreet Contributor

According to Karen Jones, analyst at Commerzbank, GBP/USD pair has recently eroded its short term downtrend and this is now acting as support at 1.2967.

Key Quotes

“The intraday Elliott wave count has turned more positive and we have already reached 1.3188/97, the 61.8% retracement and 3rd April high. It will need to regain 1.3217 (25th January high) to introduce scope up to the 1.3351/82 resistance, where we expect it to struggle. Dips lower should hold around the 200 day ma at 1.2960. Failure here targets the 1.2865 April low and this in turn protects the February low at 1.2772.”

“Below 1.2772 we would allow for losses to the 1.2669/62 15th January low and August low and possibly the 1.2609/78.6% retracement.”

Author

Sandeep Kanihama

FXStreet Contributor

Sandeep Kanihama is an FX Editor and Analyst with FXstreet having principally focus area on Asia and European markets with commodity, currency and equities coverage. He is stationed in the Indian capital city of Delhi.

EUR/USD rises toward 1.1650 despite increased risk aversion

EUR/USD gains ground after four days of losses, trading around 1.1630 during the Asian hours on Monday. The upside in the risk-sensitive pair may remain capped amid rising safe-haven demand, driven by escalating uncertainty surrounding the US–Greenland issue.

GBP/USD gathers strength to near 1.3400 on Trump’s tariff threats

The GBP/USD pair gains traction to around 1.3400 during the early Asian session on Monday. The US Dollar weakens against the Pound Sterling amid US President Donald Trump's latest tariff threats against Europe over ‌Greenland. The US markets are closed in observance of the Martin Luther King Jr. Day holiday on Monday.

Gold rallies to fresh all-time high on Trump's tariff threats, geopolitical risks

Gold catches aggressive bids at the start of a new week and jumps to the $4,700 neighborhood, or a fresh all-time peak, during the Asian session amid the global flight to safety. US President Donald Trump threatened to impose new tariffs on eight European countries that opposed his plan to acquire Greenland.