GBPUSD Still Faces Significant Brexit-Related Risks
After a 300-pip rally on Tuesday, the GBPUSD is unsurprisingly taking a breather today. Tuesday’s upsurge came on the back of news Theresa May called for a snap general election.
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GBPUSD – Cable could snap back to reality
The recent improvement in UK data has seen many investors and analysts, ourselves included, ask a rhetorical question with a hint of sarcasm “Brexit, what Brexit?” Traders have apparently reduced their net short positions from record high levels as they realised the fallout in the immediate aftermath of Brexit was not as bad as many had feared. Granted, not all the economic pointers have been great but on the whole
DAX – Could Stocks Rebound Soon?
This week saw data from the UK surprise positively and the severally-oversold pound bounced back sharply, while the dollar fell across the board as the Fed watered down rate hike expectations in the minutes of the FOMC’s last meeting and after some weakness in US data was observed, causing the EUR/USD to climb to its best level since 24 June.
EURUSD Descending Channel May 26, 2015
EURUSD has been trending lower on its 1-hour time frame, moving inside a descending channel connecting the latest highs and lows. Price appears to be on its way to test the resistance once more after the channel support held.
USDJPY Uptrend Pullback Apr 25, 2016
USDJPY broke out of its double bottom formation on the 1-hour time frame, signaling that a reversal from the previous downtrend is about to take place.
AUDUSD Ascending Trend Line Dec 3, 2015
AUDUSD has been moving in a steady uptrend, trading above an ascending trend line connecting the latest lows of price action. Price recently made a swing high near the .7350 minor psychological level before showing signs of a pullback.
GBPAUD Uptrend Channel Nov 10, 2015
GBPAUD has been trending higher on its 4-hour chart, moving inside a rising channel visible on that time frame. Price just bounced off the channel support at 2.1150 and may be aiming for the top at 2.1800-2.1900.
USDCHF Channel Support Oct 12, 2015
USDCHF has been trending lower on its 1-hour chart, moving inside a descending channel and testing support. Price has formed a bearish flag right at the bottom of the channel around the .9600 major psychological support and might be due for a break lower.
EURGBP Rectangle Pattern Sept 14, 2015
EURGBP is still moving sideways on its 1-hour forex chart, bouncing off support at the .7260 area and finding resistance at .7360. Price is on its way up to test the top of the range once more while stochastic is moving down from the overbought zone, suggesting that the resistance might hold.
NZDUSD Descending Triangle Aug 24, 2015
NZDUSD is forming a descending triangle on its 4-hour time frame, making lower highs and finding support around the .6500 major psychological level. Price just got rejected on its latest test of the triangle resistance and is making its way back towards the bottom of the triangle.