|Day's range||1.4 - 1.401|
|52-week range||1.2344 - 1.4340|
While 1.2350-55 confined the EURUSD’s latest recovery, the 1.2290 seems coming back on the chart but an upward slanting trend-line, at 1.2265 now, may restrict the pair’s following downside. Should the quote drops beneath the 1.2265, the 1.2230 and the 1.2210-05 horizontal-line can become sellers’ favorite ahead of reigniting the importance of 1.2155 support-mark. In case if the Fed disappoints USD Bulls, the 1.2355 may offer immediate resistance to the pair before propelling it to the 1.2380 trend-line barrier, which if broken could further escalate the up-moves to 1.2410 and then to the 1. ...
Furthermore, the UK consumer price index may probably lead to a rise of the GBP, a nice boost along with other factors that have been presented above. It could be noted that the GBP/USD fundamental analysis aligns with the technical analysis.
The pair shot higher slamming the 1.2325 level during the Monday’s session, the area which has been a bit noisy and supportive in the past. Because of this, it will experience difficulty in crossing above and once it clears above then it should move higher reaching the 1.24 and 1.25 level eventually. The market has also some downside risk if the Fed sounds out to be more hawkish in respect to the rate hike in its next meet. …Read MoreGBP/USD
The British pound exploded to the upside during trading on Monday, as it was announced that the United Kingdom and the European Union have come to some type of basic outline for the United Kingdom leaving the European Union. This has been a bit of a dark cloud hanging over the British pound, so buyers jumping in at this point isn’t much of a surprise.
The Euro reversed earlier losses on Monday after investors revived bets that the ECB may raise rates sooner than previously thought.
This week is going to be very busy for the dollar, the leading event being Fed meeting, the very first one for its new governor Jerome Powell. A key interest rate is extremely likely to be raised during the meeting, the investors and analysts say, but this is not the major question here. The markets will be expecting any comments or hints regarding future policies and steps the Fed is going to take.
This should obviously strongly affect the GBP so let’s look on the EURGBP, where apart from the forthcoming fundamental influence, we also do have an interesting technical situation. EURGBP is mostly influenced by the head and shoulder pattern (interestingly, like many instruments with the USD at the moment). EURGBP is in a negative territory because the price broke the support on the 0.8845 (purple) and the lower line of the symmetric triangle pattern (pink).
The British pound rallied during the week, slamming into the downtrend line that has been a thorn in the side of the buyers. We tested the 1.40 level, but we look likely to close underneath that mentioned downtrend line. However, we have a couple of very clear signals if things work out in our way.
The pair drifted a little lower during the Thursday’s session reaching the 1.23 level which is a strong support level. If the pair breaks below further from here, then it will reach further lower towards the 100 level.
The broad markets produced caution on Wednesday as Wall Street lost moderately, but forex remained tranquil. Cryptocurrencies continue to trade in a negative sentiment.
The pair was bit choppy during the Wednesday’s session as the 1.24 level continues to be resistive. But in the longer term, the market is likely to rally higher once it breaks above its psychological level of 1.25 level and is also a structural standpoint. The market is very well supported at the 1.23 level and 1.21 level underneath on the short-term and because of that buyers will keep getting attracted towards this market. …Read MoreGBP/USD
The British pound initially dipped on Wednesday but found enough support near the 1.3950 level to bounce again and go looking towards the 1.40 level above. Based upon my analysis, the 1.40 level is crucial, and if we can break above there I think that the market will probably shoot much higher and more of a longer-term “buy-and-hold” attitude.
Wall Street is expected to open with gain. Retail Sales numbers will come from the States today, but it is next Wednesday’s Fed policy meeting which will remain a focal point for an investor.
The pair exploded higher during the Tuesday’s session reaching towards the $1.2380 level, ultimately which will send this market towards the 1.24 and 1.25 level eventually. On the weekly chart, the pair has formed a bullish pattern and should continue to move higher towards the 1.32 level in long-term. Short-term pullback offers good buying opportunity to this market and going forward, this market will continue to see a lot of noise and volatility. …Read MoreGBP/USD
US dollar will probably continue its downtrend on the fear of a potential trade war caused by the US tariffs annulment on imported steel and aluminum. Despite the fact that the fear of a trade war starts fading away, some elements on the technical side are still there and could support the continuation of the downtrend. At the moment, the dollar index is not showing pullback elements, as the US dollar continued going downwards during the past days.
With the failure to sustain its bounce off the 50-day SMA, EURUSD reignites the importance of the same SMA level before crucial inflation release. Should the CPI figures disappoint USD Bulls, the pair may continue recovering towards 1.2360 and then to the 1.2480 but a month-long descending trend-line, at 1.2420, could confine its following upside. Given the pair’s daily closing beneath the 1.2150, the 1.2090-85 and the 100-day SMA level of 1.2030 could become Bears’ favorites.