
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
- EUR/USD Price Analysis: A drop to the 1.0630 region is not ruled out.EUR/USD resumes the downside following Friday’s tops.A deeper correction could revisit the 1.0630 zone.EUR/USD adds to Friday’s marked pullback and drops to the 1.0680 area on Monday. The pair remains well under pressure and theContinue reading “EUR/USD Price Analysis: A drop to the 1.0630 region is not ruled out.”
- GBP/USD drops to 1.2400 mark, fresh daily low amid sustained USD buying.GBP/USD drifts lower for the second straight day amid some follow-through USD buying.Bets for a 25 bps Fed lift-off in June push the US bond yields higher and underpin the USD.The risk-on mood could capContinue reading “GBP/USD drops to 1.2400 mark, fresh daily low amid sustained USD buying.”
- EUR/USD clings to mild losses near 1.0700 as hawkish Fed concerns gain aceptance, US data eyed.EUR/USD fades bounce off intraday low amid two-day losing streak.EUR/USD retreats to 1.0695 as it drops for the second consecutive day heading into Monday’s European session, sticking to minor losses of late. In doing so,Continue reading “EUR/USD clings to mild losses near 1.0700 as hawkish Fed concerns gain aceptance, US data eyed.”
- EUR/USD stumbles on solid US NFP data, traders bet for a July Fed hike.US adds 339K jobs, beating estimates; EUR/USD slips by 0.43%and Spain’s Unemployment Change.EUR/USD slumps from weekly highs reached as a knee-jerk reaction to a solid US jobs report, driving the pair towards 1.0779 before slidingContinue reading “EUR/USD stumbles on solid US NFP data, traders bet for a July Fed hike.”
- EUR/JPY Price Analysis: Extra gains in store near term.EUR/JPY adds to recent gains and approaches 150.00.The continuation of the upside could revisit the 151.00 area.EUR/JPY extends the recovery following Thursday’s advance and trades closer to the key 150.00 yardstick on Friday. Further recoveryContinue reading “EUR/JPY Price Analysis: Extra gains in store near term.”