Will The GBP/USD Pair Continue To Rally?

• 17 Oct 2019

USD/JPY

 

The USD/JPY pair is stuck at the 108.83 resistance line which has inspired the return of sellers. The pair has not closed above this resistance area for the last 5 months. Price action is likely to remain in the 108 price range. Momentum indicators reflect the bullish sentiment, although momentum is turning away from overbought conditions.

 

   

 

 

 

EUR/USD

 

The Eurodollar is heading towards the 1.107 resistance line, with the ascending trendline acting as a support level for the pair. Strong bullish moves suggest that the rally is gathering strength. Momentum indicators have turned bullish with MACD breaking the zero line.  

 

 

 

 
 GBP/USD

 

The GBP/USD pair has broken the 1.274 resistance line, yet the break has been met with a series of small-bodied candles, indicating a deceleration in the pair. The next target for sellers is the 1.288 resistance level. Momentum indicators remain in bullish territory, however, RSI has reached overbought conditions. 

 

 

 

USD/CHF

 

The USD/CHF pair has pulled back once again to the 0.993 support level and may even head towards the 0.989 support line. The ascending trendline has been acting as a support level for the pair to which price action has yet to drop. Momentum indicators are beginning a downward trajectory. 

 

 

 

 

USD/CAD

 

The USD/CAD pair has returned to test the 1.319 support level, which on several occasions has resulted in a bullish rebound. Selling pressure has risen yet the support level remains unbroken. Price action is likely to oscillate between the 1.314 and 1.333 price levels, which represent a recent trading range. Momentum indicators are bearish. 

 

 

 

SILVER

 

Silver has reached the apex of a symmetrical triangle indicating a breakout is imminent, as a continuation of a previous uptrend. Price action is still testing the 17.42 support level. Momentum indicators remain in bearish territory.

 

 

 

 

GOLD

 

Gold has been trading horizontally, within a tight trading range recently. Price action has broken the ascending trendline, which indicates sentiment has turned bearish. Price action continues to test the 1485.27 support level. Momentum indicators remain in neutral/bearish territory. 

 

 

 

 

OIL

 

WTI continues to test the 53.27 support level with a series of small-bodied candles suggesting the bearish sentiment is waning. Given the geopolitical tensions, it seems likely that oil price volatility will continue. Momentum indicators have flattened in bearish territory.