EUR/GBP grinds near weekly high, up for the fourth consecutive day.Clear rebound from 50% Fibonacci retracement, upside break of 100-SMA favor bulls.
One-week-old resistance line restricts immediate upside ahead of monthly top.
EUR/GBP picks up bids to 0.8845 as bulls poke intraday high, as well as the weekly top, heading into Wednesday’s European session. In doing so, the cross-currency pair rises for the fourth consecutive day after reversing from the 50% Fibonacci retracement of its run-up from early December to January 13.
In addition to a successful rebound from the key Fibonacci retracement level of 0.8722, the EUR/GBP pair’s ability to cross the 100-SMA hurdle, as well as the bullish MACD signals, favor the bulls.It should be noted, however, that a downward-sloping resistance line from January 13, close to 0.8860 at the latest, guards the quote’s immediate upside.
That said, the quote’s run-up beyond 0.8860 could enable the EUR/GBP bulls to refresh the monthly high, currently around 0.8900. In that case, the 61.8% Fibonacci Expansion (FE) of its moves between December 01, 2022, and January 13, 2023, close to 0.8955, will gain the market’s attention.Alternatively, pullback moves may initially aim for the 100-SMA level surrounding 0.8815 ahead of targeting the 0.8800 round figure.
Following that, the 50% Fibonacci retracement level of 0.8722 should lure the EUR/GBP bears.In a case where the quote remains bearish past 0.8722, the 61.8% Fibonacci retracement level near 0.8680, also known as the “golden ratio”, will be crucial to watch.
EUR/USD looks for a decisive cross above 1.0900 amid a subdued USD Index
The pair has refreshed its day’s high minutely above the round-level resistance of 1.0900 and is aiming to shift the auction profile above the same. The major currency pair has sharply moved higher after sensing a responsive buying action from the critical support of 1.0840.
EUR/USD News
GBP/USD steadies above 1.2300 as markets expect BoE, Fed approaching policy pivot
The Cable holds lower ground near 1.2320 as bears seek more clues to rule further heading into Wednesday’s London open. In doing so, the Cable pair remains sidelined after a two-day downtrend while copying the broad market inaction.
GBP/USD News
Gold retreats towards 10-DMA as yields portray market’s anxiety
Gold price prints mild losses around $1,930 as it consolidates the gains marked during the last six consecutive weeks. Sluggish markets on early Wednesday joins the cautious mood ahead of the key US data/events, as well as technical formation, to tease the sellers after rising in the last two days in a row.
Gold News
Three reasons why crypto market is primed for a selloff
Bitcoin price has been one of the critical reasons for this recent uptrend in the crypto market. As the rally continues to push some altcoins to hit new highs, investors need to be careful about a sudden market selloff.
²
Free Forex Signals 