GBP/USD, EUR/GBP, GBP/NZD
GBPUSD initial break below 100 month moving average support at 1.4080/60 was very frustrating with an unexpected bounce back to 1.4132 before the pair collapsed on the Fed minutes.
EURGBP remains in a triangle pattern from support at the May/June low at 8563/8558 to strong resistance at 8635/45. Both of which are holding perfectly so far this week.
GBPNZD broke higher to 1.9864 but unexpectedly collapsed to 1.9700.
Daily analysis
GBPUSD finally broke the 100 month moving average at 1.4080/60 for a sell signal this week targeting 1.4025/15 & 1.3970/60. We bottomed exactly here but are likely to test the 100 day moving average at 1.3940/35, perhaps today. A break below 1.3925 risks a slide to 1.3880/70 & a.3840/30.
Gains are likely to be limited with first resistance at 1.4030/40. Unlikely but if we continue higher expect strong resistance at 1.4070/80. Stop above 1.4100.
EURGBP minor support at 8590/80, then better support at the May/June low at 8563/8558. A break lower to is a sell signal targeting 8538, 8505, 8490, perhaps as far as 8475/70.
Expect strong resistance at 8630/40. Shorts need stops above 8645. A break higher is a medium term buy signal.
GBPNZD has already wiped out Wednesday’s gains over night. Support at 1.9700/1.9690. Further losses meet support at 1.9620/00.
A break above 1.9865 can target 1.9910/30 & 1.9965/70, perhaps as far as 2.0035/45.
Chart
The contents of our reports are intended to be understood by professional users who are fully aware of the inherent risks in Forex, Futures, Options, Stocks and Bonds trading. INFORMATION PROVIDED WITHIN THIS MATERIAL SHOULD NOT BE CONSTRUED AS ADVICE AND IS PROVIDED FOR INFORMATION AND EDUCATION PURPOSES ONLY.
Recommended Content
Editors’ Picks
EUR/USD trades sideways below 1.0900 amid cautious optimism
EUR/USD trades sideways below 1.0900 in the early European session on Tuesday. The US Dollar looks to stabilize amid cautious optimism, as uncertainty over the US presidential election outcome lingers. US ISM Services PMI is also in focus, as Americans head to the polls.
GBP/USD keeps range above 1.2950 as traders await US election result
GBP/USD keeps its range above 1.2950 in European trading on Tuesday, drawing support from a subdued US Dollar. Traders eagerly await the outcome of the US presidential election, refraining from placing fresh bets on the major.
Gold price holds steady around $2,735 area amid modest USD slide, US election jitters
Gold price attracts dip-buyers after touching a one-week low on Tuesday and draws support from a combination of factors. Fed rate cut bets, declining US bond yields and subdued USD demand continue to act as a tailwind for the precious metal.
Trump-inspired memecoin MAGA shows bullish on-chain metrics ahead of US elections
MAGA trades slightly down to around $3.4 on Tuesday after rallying more than 20% since Sunday. The former President Donald Trump-based memecoin is poised for further gains as daily active addresses and network growth metrics rise, signaling increased network usage and adoption.
US presidential election outcome: What could it mean for the US Dollar? Premium
The US Dollar has regained lost momentum against its six major rivals at the beginning of the final quarter of 2024, as tensions mount ahead of the highly anticipated United States Presidential election due on November 5.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.