GBP/USD crashes through 1.30 and 1.29. Economists at Scotiabank expect cable to extend its slump towards the 1.28 level.
Psychological resistance stands at the mid -1.29s.“The pound’s multiple tests of 1.30 finally managed to break under the figure today and the 1.28 level now stands as the next clear target in its negative trend extending back to last summer.”
“The intraday low of 1.2862 is support after the 1.29 area.”
“Psychological resistance stands at the mid-1.29s followed by the 1.30 zone.”
EUR/USD slumps below 1.0800 amid risk aversion.EUR/USD has met fresh bearish pressure in the American session and slumped below 1.0800. With Wall Street’s main indexes opening the day deep in negative territory, safe-haven flows started to dominate the markets, allowing the greenback to continue to gather strength ahead of the weekend.
GBP/USD extends slide below 1.2850 on renewed dollar strength.GBP/USD remains on track to post its lowest weekly close since September 2020 with the dollar capitalizing on safe-haven flows in the American session. The pair is losing more than 1% on the day and trading below 1.2850.
Gold drops to near two-week low, around $1,930 area.Gold came under some renewed selling pressure on Friday and dropped to a near two-week low, around the $1,930 region during the first half o the European session. Fed Powell’s speech at an IMF event sounded extremely hawkish and all but confirmed a 50 bps rate hike.
Bitcoin: Early longers trapped, a move to $46,200 likely.Bitcoin price shows an interesting move to the downside to purge the sell-side liquidity before heading up to $46,200. Investors can expect BTC to stabilize between $40,100 to $40,500 and trigger a run-up to yearly open.