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/USD: levels to trade
BUY 1.2930; TP 1.2970; SL 1.2915
SELL 1.2840; TP 1.2770; SL 1.2860
GBP/USD has been consolidating between 1.30 and 1.2770 for the past month. The pair met resistance in the 1.2920 area (resistance line connecting October and November highs). A break above this level is needed to make the uptrend resume and allow the price to retest the 1.2970/1.30 zone. Only a close above 1.30 will allow the pound to head towards 1.3170 (50% Fibo of the 2018-2019 decline).
If the resistance is too hard an obstacle for bulls to break, the pullback below the MAs on the H4 at 1.2848 will open the way down for a decline to 1.2770 (November low). Notice that the 50-week MA is at 1.2730 - this makes it strong support.
EUR/USD will likely trade within the range in stayed in yesterday. The 100-period MA on the H4 (1.1225) supports the pair.
USD/CHF has made an impressive movement to the downside. The pair has closed on Wednesday below the 61.8% Fibonacci retracement in the 0.9455 area.
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