EUR/GBP continues trading within an uptrend. The pair has managed to break above 0.9000 (38.2% Fibonacci retracement of the March-April decline) which now acts as support.
GBP/CAD: a bearish pattern
SELL 1.7335; TP 1.7200; SL 1.7355
GBP/CAD met the resistance of the 50-month MA in the 1.7765 area. On W1, the pair formed a bearish “dark cloud cover” pattern at the 200-week MA. The pound turned down from this line for the second time this year. This means that there’s significant selling pressure around 1.7670. The decline below the 38.2% Fibo from the 2018-2019 advance at 1.7340 will open the way down to 50% retracement at 1.7200. Resistance is at 1.7520, 1.7670, and 1.78.
Risk-on pushed stocks and riskier currencies upward.
It’s simply the question of time before gold price gets to the higher levels…
Coronavirus and massive oil oversupply was a once-in-a-generation coincidence. Is the worst over?