GBP/USD bulls are tiring following the recent run to fresh bull cycle highs.
US Dollar, DXY, is consolidating the slide in a support area.
As per the prior analysis, GBP/USD Price Analysis: Bulls are in the market and eye a bullish extension, the currency pair has indeed rallied as being supported on the front side of the bullish trend.
Since the prior analysis, both the Federal Reserve and the Bank of England have made their interest rate decisions, the former forcing some observers to reconsider their US Dollar forecasts as the currency slides to the lowest levels last seen at the end of January in the DXY index:
The weekly chart for DXY shows the price plummeting this week so far into a support area and the M-formation is a reversion pattern that could draw the index back towards the neckline in the foreseeable future.
Nevertheless, the bears are in the market still but there is some deceleration of the slide taking place currently as per the following 4-hour chart:
GBP/USD technical analysis
Meanwhile, GBP/USD is also consolidating fresh corrective highs. GBP/USD prior analysis.it was explained that there were inverse head and shoulders on both the daily and 4-hour charts
Given the 4-hour neckline was already broken, and owing to the M-formation being a reversion pattern, the bias was bullish with the price on the front side of the trend.
GBP/USD update
GBP/USD rallied as per the bullish bias and is moving in on the longer-term chart´s head shoulders neckline:
EUR/USD retreats from 1.0900 as DXY recovers modestly
EUR/USD erased daily gains during the American session as Wall Street moved off highs. The deterioration in market sentiment is helping the US Dollar look less weak. As a result, the pair is moving further away from the seven-week high of 1.0929 toward 1.0850.
EUR/USD News
GBP/USD stabilizes around 1.2300 on BOE day
Following a pullback with the initial reaction to the Bank of England’s policy announcements, GBP/USD has regained its traction and climbed above 1.2300. The pair remains on track to post gains for the second straight day as the US Dollar struggles to find demand.
GBP/USD News
Gold: XAU/USD hits fresh highs above $2,000 as US yields resume slide
Spot gold rose further during the American session, climbing again above $2,000/oz, despite the modest recovery of the US Dollar. US yields resumed the decline, boosting the yellow metal. The US 10-year yield fell to 3.42%, the lowest since Monday.
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