GBP/USD weakness has stalled at next key support at the 61.8% retracement of the 2020/2021 uptrend at 1.2494. Analysts at Credit Suisse see scope for a temporary pause here ahead of further weakness to 1.2251. Resistance seen at 1.2615, then 1.2697/1.2705.“Our bias remains to continue to look for a near-term pause around the 61.8% retracement of the 2020/2021 uptrend and psychological barrier at 1.2500/1.2494 for some consolidation and potentially a short-term tactical recovery.”
“With the market remaining clearly below falling medium-term moving averages, and with weekly MACD momentum remaining very strong, we see no reason not to look for a sustained break of 1.2500/2494 in due course, with support seen next at 1.2251, ahead of 1.2072 and then the 78.6% retracement at 1.2017.”
“Resistance is seen at 1.2615 initially, above which can see a recovery back to the 38.2% retracement of the most recent phase of the sell-off at 126.71, potentially the 13-day exponential average and price resistance at 1.2697/1.2705, but with sellers expected here if reached.”
EUR/USD clings to daily recovery gains near 1.0550.EUR/USD has retreated from the daily high it set near 1.0580 earlier in the day but continues to trade in positive territory near 1.0550. The data from the US showed that Factory Orders rose at a stronger pace than expected in March, helping the dollar limit its losses.
EUR/USD News
GBP/USD pulls away from session tops, holds above 1.2500.GBP/USD has lost its recovery momentum in the early American session and erased a portion of its daily gains. The upbeat Factory Orders and JOLTS Job Openings data from the US allowed the dollar to find demand, capping the pair’s upside.
GBP/USD News
Gold extends rebound to $1,870 area on falling yields.Gold continues to push higher after having dropped to a fresh multi-week low of $1,850 earlier in the day. With the benchmark 10-year US T-bond yield losing nearly 2% on the day, XAU/USD preserves its recovery momentum and trades near $1,870.
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