GBP/USD still reluctant to breach 1.30 – Commerzbank

Pablo Piovano FXStreet

In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, a break of the key support at 1.3000 still remains elusive.

Key Quotes

“GBP/USD sold off yesterday but also remains reluctant to sustain a break below 1.3000. The market is currently oscillating around the 20 day ma and this has neutralised the immediate outlook”.

“The intraday Elliott wave continues to suggest some scope for near term recovery. Above here we have 1.3534, the 29th June high and we remain unable to rule out a rally to 1.3638, the 38.2% retracement and potentially 1.4158, the 61.8% retracement of the recent sell off”.

“Resistance at .7688 and the 3 rd May high .7717 represent the last defence for the .7836/50 recent high and the 38.2% retracement, this is tougher resistance and we look for the market to fail here, if this is reached”.

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

EUR/USD trims gains, back below 1.1800

EUR/USD now loses some upside momentum, returning to the area below the 1.1800 support as the Greenback manages to regain some composure following the SCOTUS-led pullback earlier in the session.

GBP/USD off highs, recedes to the sub-1.3500 area

Following earlier highs north of 1.3500 the figure, GBP/USD now faces some renewed downside pressure, revisiting the 1.3490 zone as the US Dollar manages to regain some upside impulse in the latter part of the NA session on Friday.

Gold climbs to weekly tops, approaches $5,100/oz

Gold keeps the bid tone well in place at the end of the week, now hitting fresh weekly highs and retargeting the key $5,100 mark per troy ounce. The move higher in the yellow metal comes in response to ongoing geopolitical tensions in the Middle East and modest losses in the US Dollar.