GBPUSD sliced through some crucial support levels this week, erasing all its gains for the year. The pair rebounded off the 1.3410 support region, but there’s a series of lower highs and lower lows forming since early June. Indeed, the 50-day moving average (MA) has also crossed below the 200-day one, forming a ‘death cross’. All this points to a downtrend. The short-term oscillators are mixed, with the RSI reflecting the latest rebound in the price action but the MACD staying firmly negative and below its red trigger line.
If sellers remain in control and manage to pierce below the 1.3410 barrier, their next target could be the 1.3310 zone, marked by the lows in late December. If that’s violated too, the focus would then turn towards the 1.3185 area. Now in case buyers retake the reins, the first test to the upside would be the 1.3600 hurdle, which acted as support in recent months and may now provide resistance. A potential break above it could open the door for the 1.3750 neighborhood, which also encompasses the 50-day MA. In short, the latest breaks have turned the picture bearish. A move below 1.3410 would reinforce the negative outlook.
This post first appeared here
Get upto 5000 US dollars if you trade with XM
- Gold Price Analysis: XAU/USD remains supported near $1860 as data shows US price pressures easing.Gold is around 0.5% higher in the $1860 area in wake of US Core PCE data.The data lent support to the idea that inflation is easing, which may remove pressure on the Fed to tighten.Continue reading “Gold Price Analysis: XAU/USD remains supported near $1860 as data shows US price pressures easing.”
- GBP/USD Price Analysis: Exceeds 38.2% Fibo retracement and 200-EMA, 1.2700 eyed.A bullish reversal has been triggered as the asset has overstepped 38.2% Fibo retracement.The asset is comfortably balancing above the 200-EMA.The RSI (14) has shifted into a 60.00-80.00 range, which adds to the upside filters.Continue reading “GBP/USD Price Analysis: Exceeds 38.2% Fibo retracement and 200-EMA, 1.2700 eyed.”
- EUR/USD invades 1.0760 ahead of US PCE, DXY renews monthly lows.EUR/USD has renewed its monthly highs at 1.0765 on the soaring market mood. Rising odds of a rate hike by the ECB have supported the euro bulls.The DXY has extended its losses after slipping toContinue reading “EUR/USD invades 1.0760 ahead of US PCE, DXY renews monthly lows.”
- EUR/USD hits fresh daily highs above 1.0720 on risk appetite.US dollar remains weak, but losses are limited.Wall Street rises sharply, US yields at fresh 2-day highs. EUR/USD short-term outlook is bullish, and faces resistance at 1.0730 and 1.0750. The EUR/USD rose further during theContinue reading “EUR/USD hits fresh daily highs above 1.0720 on risk appetite.”
- Gold Price Forecast: XAUUSD remains depressed below $1,850, flits with 200-DMA support.Some follow-through USD buying dragged gold prices lower for the second straight day on Thursday.Recession fears continued weighing on investors’ sentiment and could lend support to the XAU/USD. Traders look forward to the US GDPContinue reading “Gold Price Forecast: XAUUSD remains depressed below $1,850, flits with 200-DMA support.”
Free Forex Signals 