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GBP has made a big advance in sync with other currencies against USD. This has happened despite neutral or even negative economic news from the UK. Next week the market sentiment can change as more economic data is coming for GBP. Namely, U.K. Inflation on Tuesday has a main impact on the next GBP swing. Technically, GBP has broken out of the range. No visible close resistance is in sight. Monday should see a retracement of GBPUSD to 1.30 in anticipation of the Tuesday news. Trade could be made …
iggy_ua's Blog
GBPUSD
GBPUSD might be the best trading opportunity for the coming week. The pair has broken down trrough the support at 1.275 and should go to the next support level at 1.257. The stop to be placed at 1.28
EUR move
EUR is resilient to concede on a gained ground. EURUSD is pushing toward 1.13. A break will lead to 1.14 following the trendline resistance at 1.145
GBP indecision time
GBP is stuck in a narrow range despite any news. The NFPs have produced more movement in other less volatile pairs, while pound has barely reacted to the news. The pending elections in the UK are the next main risk event for GBP. As usually, the pair could act against any odds with the flow of adverse news on elections. I would stay away from the currency until the dust settles. Technically GBPUSD support remains at 1.277, resistance at 1.305. The price targests in case the SR are broken would b…
GBP chart
GBP has produced a retracement of 61.8% of yesterdays run. UK Manufacturing PMI exceeded expectations, a further upside could have been a preferred scenario if no market moving news were pending. Today ADP employment and tommorrow NFPs will give a main puch to GBPUSD in either direction. Looking at the chart, a further pair's upside is favourable. The pair has broken out of the box and is consolidating. A move through resistance at 1.305 will give a way to 1.345. In opposite, a breakdown of 1.2…
EUR wonders
EUR still shrugs off any negative news and is still holding the gained ground. EURUSD has consolidated last week without producing any disent move. The big hurdles stay on the northern direction, precisely 1.12, 1.13 and 1.14. The next move is fair to expect with non-farm employment numbers at the end of this week. Before that event the pair will most likely move sideways between 1.11 and 1.13. A break out of 1.12 will lead to 1.125 and 1.13. A break down below 1.115 should produce a retest of 1…
EUR post FOMC
EUR has acted in the opposite to the positive IFO news. It was partially expected because the pair was overbought, partially by profit taking. Todays' FOMC minutes have risen little volatility. Such market reaction provides no clear direction for a further currencies action. It's fair to expect EUR to continue a slow climbing on political uncertainty until a new piece of clear guidance from any financial authority comes to the wires. I would expect EUR to reach the first clear resistance at 1.13…
GBP direction
No major news for today on the calendar apart from German IFO business climate. The upward momentum is very strong for EUR, I do not expect any significant EUR decline even in case of a sad IFO release. The main driver for all currency pairs will be FOMC minutes tomorrow. GBP is more challenging on the chart. From 20 Apr the GBPUSD pair has consolidated and slowly climbed up for 300pips which is a joke for a monthly GBP price action. The currency pair sits between 1.275 and 1.305 barriers. A bre…
AUD story
AUDUSD is sticking strictly to the technical levels and patterns. The price is still consolidating in the narrow range with the price nearing a strong resistance of 0.75. This level coincides with the 38.2% retracement of the last swing. A break of 0.75 will lead to 0.76 which is 0.618 retracement level. Consolidation has a support at 0.745 and 0.74.
Crazy EUR
EURUSD has produced a significant sprint to the recoup the loss in the last year. The retracement has surpassed 61.8% fibo. Look for a consolidation at this level. It's possible for the price to fall to close the gap at 1.07