GBP/USD is sliding and forming a peak formation. Bears are seeking a move down to test the 1.2620s.GBP/USD is being pressured to the downside in lunchtime NY trade and is taking on a support structure that could lead the way to a move into test the 1.2020s and lower for the remainder of the day.
GBP/USD H1 chart
The hourly chart shows GBP/USD peaking in the 1.2650s and this gives rise to a test of the neckline of the W-formation as illustrated in the above chart.
GBP/USD M15 chart
On the 15 and 5-min charts, we can see the price taking on a support structure. The 5-min chart shows the price action up close and the break in structure offers prospects of a move lower whereby resistance could come in near 1.2640 if there is going to be a retest of the prior lows as illustrated in the chart above.
EUR/USD rebounds above 1.1000 as USD loses strength
EUR/USD has regained its traction and climbed above 1.1000 after having declined toward 1.0950 with the initial reaction to the upbeat April jobs report from the US. The positive shift seen in risk sentiment ahead of the weekend weighs on the USD and helps the pair edge higher.
EUR/USD News
GBP/USD advances beyond 1.2600 as risk flows return
GBP/USD has gathered bullish momentum and advanced beyond 1.2600. Following the strong employment data from the US, Wall Street’s main indexes opened decisively higher on Friday, causing the US Dollar to lose its footing and fueling the pair’s rally.
GBP/USD News
Gold slumps toward $2,000 as US yields jump after NFP data
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