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GBP/USD has stalled below key resistance at the May high and the 23.6% retracement of the entire fall from 2021 at 1.2638/48.Economists at Credit Suisse look for a move to 1.2073/13 in due course.

Break above 1.2638/48 to face more solid cap at the crucial 55-DMA of 1.2788

“With the falling medium-term moving averages and negative MACD momentum painting a clear bearish picture, we look for further weakness to develop from the May high and the 23.6% retracement of the entire fall from 2021 at 1.2638/48, with an eventual objective of the May 2020 low and the 78.6% retracement of the entire 2020/2021 uptrend at 1.2073/13.” 

“Should a break above 1.2638/48 take place, we would look for a more solid cap at the crucial 55-day moving average at 1.2788, which we would look to hold to resume the broader downtrend.”

EUR/USD bounces towards 1.0750 ahead of PMIs.EUR/USD is advancing towards 1.0750, having found support at 1.0700. The US dollar pares gains amid the return of risk-on flows. Inflation-linked growth concerns and geopolitical tensions may continue underpinning the safe-haven dollar ahead of US ISM. 

EUR/USD News 

GBP/USD holds steady around 1.2600 ahead of UK/ US data

GBP/USD is battling 1.2600, erasing early losses amid an improvement in risk sentiment, which caps the US dollar gains. The UK political and Brexit concerns combined with the BOE’s dilemma will likely keep the further upside elusive. US/ UK data in focus. 

GBP/USD News 

Gold hangs near two-week low, around $1,830 area amid stronger USD

Gold witnessed some selling for the second successive day and dropped to a near two-week low, around the $1,830-$1,829 region during the early part of trading on Wednesday.

Gold News 

Shiba Inu burn rate plummets with Ryoshi disappearance, SHIB could crash like Terra’s LUNA

Shiba-Inu-themed meme coin’s burn rate took a hit after the mysterious disappearance of SHIB founder Ryoshi. Experts at Finder believe that could crash like Terra, as the project lacks usability.