GBP/JPY pauses four-day downtrend at a fortnight low.
GBP/JPY remains defensive around 163.30, holding lower ground near the two-week bottom heading into Monday’s European session. In doing so, the cross-currency pair jostles with multiple key Daily Moving Averages (DMAs) after declining for the last four consecutive days.
That said, the 21-DMA and the 50-DMA confluence near 163.30-25 appears to be the immediate support for the GBP/JPY pair ahead of the 100-DMA support near 163.00.
If at all the quote declines below 163.00, the 50% Fibonacci retracement level of May-June upside, near 162.10, precedes a four-month-old support line, near 161.60, to challenge the quote’s further declines.
In a case where the GBP/JPY prices break the 161.60 support, the odds of witnessing a south-run towards the 61.8% Fibonacci retracement level near 160.50 can’t be ruled out.
Alternatively, the 164.00 threshold precedes the tops marked in July and September, respectively near 166.30 and 167.35, which could challenge GBP/JPY buyers.Should the cross-currency pair roses past 167.35, the yearly top marked in June around 168.75 and the 170.00 round figure will be in the spotlight.Overall, GBP/JPY remains on the bear’s radar despite the latest inaction.
EUR/USD drops towards 0.9950 as USD rebound gathers strength
EUR/USD is extending losses towards 0.9950 in early European trading. The US dollar recovery is gaining traction amid a cautious tone, as investors reassess aggressive Fed tightening bets amid looming recession risks. Hawkish ECB-speak fails to rescue EUR bulls.
EUR/USD News
GBP/USD tumbles below 1.1400 amid light trading
GBP/USD is trading on the back foot below 1.1400, amid holiday-thinned market conditions and broad US dollar strength. The UK markets are closed in observance of the Queen’s funeral. Investors brace for the Fed and BOE bonanza this week.
GBP/USD News
Gold extends losses below $1,670 as DXY strengthens, Fed policy buzz
Gold has witnessed a vertical fall after failing to overstep the critical resistance of $1,680.00 in the Asian session. The precious metal is eyeing more losses as an intraday inventory distribution is indicating the resumption of a downside journey ahead.
Free Forex Signals 