GBP/USD breaks above 1.35 on projected Conservative landslide, big levels to watch

Yohay Elam FXStreet

GBP/USD has surged some 2.5% in response to the exit polls in the UK elections which have shown a massive 110-seat Conservative victory. If confirmed, it would allow Boris Johnson to continue as prime minister, with minimal worries from Brexiteers.

GBP/USD is trading at the highest levels since June 2018.

The weekly chart is showing that the next level to watch is 1.35, which capped a recovery attempt in the spring of 2018. IT is followed by 1.3710, which was a swing low in early 2018. Further up, 1.39 was a support line around that time, and the upside target is 1.4375, the high point last year.

Support awaits at 1.3380, which was the previous 2019 high, and then 1.3275, a high point from the summer.

The Relative Strength Index on the weekly chart is getting close to 70 – overbought territory.

GBP USD leaps on election night 2019 weekly chart

Follow all the updates in the UK Elections live coverage

Author

Yohay Elam

FXStreet

Yohay is in Forex since 2008 when he founded Forex Crunch, a blog crafted in his free time that turned into a fully-fledged currency website later sold to Finixio.

EUR/USD eyes nine-day EMA barrier after rebounding from 1.1600

EUR/USD gains ground after registering modest losses in the previous session, trading around 1.1620 during the Asian hours on Friday. The technical analysis of the daily chart suggests an ongoing bearish bias as the pair remains within the descending channel pattern.

GBP/USD: Pound Sterling ticks up against US Dollar in countdown to US NFP

The Pound Sterling trades marginally higher to near 1.3365 against the US Dollar during the Asian trading session on Friday. The GBP/USD pair edges up as the US Dollar ticks down ahead of the United States Nonfarm Payrolls data for February, which will be published at 13:30 GMT.

Gold rises but remains on track for weekly loss in five weeks

Gold price recovers its recent losses from the previous session on Friday. The yellow metal advances as the broader precious metals market rebounds on safe-haven demand. However, the yellow metal is on track for its first weekly decline in five weeks as escalating Middle East tensions push oil prices higher, fueling inflation concerns and reducing bets on Federal Reserve rate cuts.

Bitcoin, Ethereum and Ripple at risk as US-Iran war extends

Bitcoin, Ethereum, and Ripple trade cautiously at press time on Friday, close to key support levels after a roughly 2% pullback the previous day. Bitcoin holds above $71,000, Ethereum at $2,000, and XRP continues to consolidate in a sideways range.

The market compass is pointing at a barrel of Oil

The Asian open is arriving with equities leaning the wrong way, and the reason is not complicated. The market’s compass needle has snapped firmly toward crude. In this tape, oil is not just another input price; it is the gravitational center around which every asset class is orbiting.

Ripple tests recovery strength amid steady ETF inflows, growing retail interest

Ripple (XRP) continues to demonstrate notable resilience as the cryptocurrency market navigates the persistent war in the Middle East after the United States (US) and Israel attacked Iran on Saturday.