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GBP/USD Technical Analysis
The British Pound found support near 1.2550 and 1.2560 against the US Dollar, and started a fresh recovery this past week. The GBP/USD pair traded above the 1.2600 and 1.2650 resistance levels to move into a positive zone.

The pair even broke the 1.2700 resistance and the 50 hourly simple moving average. The bulls gained momentum above 1.2720 and a new swing high was formed near 1.2762 on FXOpen.

At the moment, the pair is correcting lower and it recently broke the 1.2750 level and the 50% Fib retracement level of the last wave from the 1.2686 low to 1.2762 high.

On the downside, there are many supports near the 1.2720 and 1.2700 levels. There is also a major bullish trend line forming with support near 1.2710 on the hourly chart of GBP/USD.

Moreover, the 61.8% Fib retracement level of the last wave from the 1.2686 low to 1.2762 high is likely to act as a strong support near 1.2720.

Therefore, if there is a downside correction, the pair could find support near the 1.2720 and 1.2700 levels. Only a close below 1.2700 and the 50 hourly SMA could push the pair back in a negative zone in the near term.

On the upside, an initial resistance is at 1.2750, above which the bulls could target 1.2780 or even 1.2800.

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4 Signs That The EUR / USD May Have Placed Below The Main

The US dollar is in rally mode at the start of the US session, boosted by this weekend’s news that President Trump was “indefinitely suspending” tariffs on Mexico after an immigration deal was reached late Friday (see my colleague Matt Simpson’s report “US-Mexico Immigration Agreement Boosts Sentiment At The Open | MXN, SPX” for more). While the greenback ticking higher today, it remains well below its pre-NFP report levels, with traders now pricing in an over 80% chance of a rate cut by the end of July.

Turning our attention to the world’s most widely-traded currency pair, there are four technical signs that EUR/USD may have put in a major bottom late last month:

1 Rates bounced twice from support in the 1.1110 area, forming a classic “double bottom” pattern…

2 This setup was accompanied by a bullish divergence in the RSI indicator, signaling that the selling pressure was drying up and hinting at a potential reversal back higher.

3 So far this month, EUR/USD has rallied to put in a “higher high”…

4 breaking above bearish trend line in the process.

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A small advance for Cable (GBP/USD) on Tuesday and into Wednesday, to reinforce Monday’s dip and rebound from within our 1.2667/40 support area (off of 1.2652), sustaining upside pressures from Friday’s probe above the 1.2751 resistance, plus the early June reversal above the down trendline from early May, to keep risks higher for Wednesday-Thursday.

The latter April probe below 1.2947 signaled an intermediate-term Double Top pattern and set an intermediate-term bear trend.

For Today:

· We see an upside bias for 1.2763; break here aims for key 1.2814, maybe 1.2853.

· But below 1.2652/40 opens risk down to 1.2608.

Intermediate-term Outlook - Downside Risks: We see a downside risk for 1.2437.

· Lower targets would be 1.2366 and 1.2109

· What Changes This? Above 1.2814 shifts the outlook back to neutral; above 1.3177 is needed for a bull theme.

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Pound Inggris menghadapi tugas menanjak

Analisis Teknis GBP / USD
Pound Inggris gagal mendapatkan kecepatan di atas resistensi 1,2760 pada lebih dari dua kesempatan terhadap Dolar AS. Akibatnya, pasangan GBP / USD memulai penurunan besar dan menembus area support 1,2720.

Penurunan itu sedemikian rupa sehingga pasangan bahkan menembus support 1.2700 dan rata-rata bergerak sederhana 50 jam. Ini diperdagangkan serendah 1,2662 di FXOpen sebelum memulai koreksi terbalik.

Ini pulih di atas level 1,2680 dan level retracement Fib 23,6% dari penurunan terbaru dari tinggi 1,2758 ke rendah 1,2662. Namun, pergerakan ke atas dibatasi oleh area resistensi 1.2700.

Selain itu, tingkat retracement Fib 38,2% dari penurunan terbaru dari tinggi 1,2758 ke rendah 1,2662 bertindak sebagai resistensi yang kuat. Pasangan ini sekarang kembali di bawah 1,2680 dan kemungkinan akan memperpanjang penurunan.

Pada sisi negatifnya, ada garis tren naik yang menghubungkan dengan support dekat 1,2665 pada grafik per satu jam dari GBP / USD. Jika ada penembusan di bawah support garis tren, pasangan bisa memperpanjang penurunan di bawah level support 1.2660 dan 1.2650.

Sebaliknya, jika pasangan memulai pemulihan yang layak, itu bisa melampaui level resistensi 1.2685 dan 1.2700. Resisten utama berikutnya untuk GBP / USD bisa dekat level 1,2720.

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GBP/USD Technical Analysis

The British Pound failed to gain pace above the 1.2760 resistance on more than two occasions against the US Dollar. As a result, the GBP/USD pair started a major decline and broke the 1.2720 support area.

The decline was such that the pair even broke the 1.2700 support and the 50 hourly simple moving average. It traded as low as 1.2662 on FXOpen before starting an upside correction.

It recovered above the 1.2680 level and the 23.6% Fib retracement level of the latest drop from the 1.2758 high to 1.2662 low. However, the upward move was capped by the 1.2700 resistance area.

Moreover, the 38.2% Fib retracement level of the latest drop from the 1.2758 high to 1.2662 low acted as a strong resistance. The pair is now back below 1.2680 and it is likely to extend losses.

On the downside, there is a connecting bullish trend line forming with support near 1.2665 on the hourly chart of GBP/USD. If there is a break below the trend line support, the pair could extend losses below the 1.2660 and 1.2650 support levels.

Conversely, if the pair starts a decent recovery, it could surpass the 1.2685 and 1.2700 resistance levels. The next key resistance for GBP/USD could be near the 1.2720 level.

EUR/USD Expects More Weakness On Bear Pressure

EUR/USD expects more weakness on bear pressure as we enter a new week. Support comes in at the 1.1150 where a violation will turn risk to the 1.1100 level. A break below here will target the 1.1050 level. Further down, support sits at the 1.1000. Conversely, on the upside, resistance resides at 1.1250 level with a break through there opening the door for further upside towards the 1.1.1300 level. Further up, resistance comes in at the 1.1350 level where a violation will expose the 1.1400 level. All in all, EUR/USD expects more weakness on bear pressure as we enter a new week.


GBP/USD Currently In A Channel

GBPUSD is in a bearish bias earlier this week, maybe the stochastic indicator has given a sign that the price is currently in the support area and allows a reversal of the trend, but traders must monitor the changes of the news, because USD is a very volatile currency with news, check calendar economy


Gold Price Technical Analysis

Gold price found support near the $1,320 level and climbed above the $1,340 resistance area against the US Dollar. The price even broke the key $1,350 resistance area to climb further higher.

The upward move was strong as the price traded close to the $1,360 level. A swing high was formed near $1,358 on FXOpen before the price started a major downside correction.

It broke the $1,355 and $1,350 support levels to move into a short term bearish zone. Moreover, there was a break below a key bullish trend line with support at $1,342 on the hourly chart of gold.

Finally, the price spiked below the $1,340 level and the 50 hourly simple moving average. A swing low was formed at $1,336 and the price is currently recovering higher.

It is trading near the $1,342 level, the 50 hourly simple moving average, and the 23.6% Fib retracement level of the recent decline from the $1,358 high to $1,336 swing low.

On the upside, there are many hurdles near the $1,344 and $1,347 levels. The main resistance is near the $1,347 level plus the 50% Fib retracement level of the recent decline from the $1,358 high to $1,336 swing low.

A successful close above the $1,347 and $1,348 levels might start a fresh increase towards the $1,355 and $1,360 resistance levels. Conversely, if the price fails to climb above $1,344 and $1,347, it could decline again below $1,340 and $1,335.