GBP/USD Approaches Recent Price Floor

• 28 Nov 2018

USD/JPY

 

 

The USD/JPY pair has begun a bullish revival once again and has now broken the 113.54 price level. The next price target for buyers is te 114.19 resistance line. Momentum indicators are moderately bullish; with MACD extending a bullish position above the zero line and RSI approaching the 70 resistance line.

Impact event: U.S. GDP data will be released at 13:30 GMT and will impact all USD pairs. 

 

 

 

 

EUR/USD

 

 

The EUR/USD pair suffered another mild sell-off in recent trading which has resulted in the pair falling back to test the 1.129 price level and the descending trendline. MACD has extended its position in bearish territory and RSI is approaching the 30 oversold line. 

 

 
 
 
 GBP/USD

 

 

Fundamental factors influenced the recent sell-off in the GBP/USD pair and these factors continue to put pressure on the Pound. The pair is consolidating mid trading range where the 1.269 price level remains the floor. Momentum indicators remain bearish with MACD extending beyond the zero line and RSI continuing the descending trajectory.

 

 

 

 

USD/CHF

 

 

The USD/CHF pair has returned to test the 0.997 price level. The next target price for buyers is the 1.008 price level, however, given that price action has broken the descending trendline to the downside, momentum appears to be with sellers. Momentum indicators are mixed with MACD approaching the zero line and RSI breaking the default line with bullish momentum.

 

 

 

 

USD/CAD

 

 

The USD/CAD pair has reached the apex of an ascending triangle and a bullish breakout is underway. Price action will target the 1.334 resistance level. RSI is once again approaching overbought conditions and MACD remains in strongly bullish territory. 

 

 

 

SILVER

 

 

Silver has rebounded from the 14.03 price level to maintain a recent trading range between the 14.03 and 14.91 price levels. The metal continues to test the 14.03 floor although a break seems unlikely as neither buyers or sellers are dominating the commodity. Momentum indicates are moderately bearish and volume has climbed yet price action is consolidating within range. 

 

 

 

 

GOLD

 

 

Gold has once again undergone a bullish retracement from the ascending trendline but in recent trading has pulled back to the 1209.70 price level. Momentum indicators appear to be flat-lining with no bias in either direction. The metal will likely head back towards the ascending trendline where buyers will return.  

 

 

 

 

OIL

 

 

Oil appears to have entered into a descending flag pattern, with price action making small retracements followed by strong sell-offs. MACD continues to extend into bearish territory and RSI continues to bounce along just beneath the 30 support level. Volume has spiked once again as the tussle between buyers and sellers continues, however, sellers still dominate the commodity.