GBP/USD has continued moving lower. Economists at Credit Suisse stay bearish and look for a break below 1.30 to open up a fall to 1.2855/29.
Resistance seen at 1.3168/84
“We now look for an imminent break below 1.3013/00, which would reassert the core downtrend, especially if daily MACD also sees a confirmed cross lower. Support is then seen next at the lower end of the nine-month channel at 1.2910/05 and eventually the 50% retracement of the uptrend from 2020 and November 2020 low at 1.2855/29. We would look for a fresh floor here for a phase of consolidation.”
“Resistance is seen at 1.3108/09 initially, then 1.3168/84, a close above which can see a move back to 1.3223/26 and potentially a retest of 1.3287/99, which we would look to cap the market if reached, especially with the falling 55-day average now not far above at 1.3323.”
EUR/USD loses traction, drops to 1.0850 area.EUR/USD has edged higher during the European trading hours but reversed its direction after coming within a touching distance of 1.0900. The unabated dollar strength on surging US Treasury bond yields weighs on the pair ahead of the weekend.
EUR/USD News
GBP/USD extends slide, closes in on 1.3000.GBP/USD has extended its slide on renewed dollar strength in the early American session and touched its weakest level since November 2020 below 1.3020. The US Dollar Index is sitting at its highest level in nearly two years above 100.
GBP/USD News
Gold treads water around $1,930 amid surging US yields.Gold continues to trade in the upper half of its weekly range above $1,930 on Friday. The benchmark 10-year US Treasury bond yield is up more than 2% on the day, not allowing the yellow metal to gather bullish momentum.
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