Friday 11th September: Technical Outlook and Review
Plagued by heightened no-deal Brexit risk, GBP/USD is currently down by 3.5% this week and 1.5% Thursday. Selling from 1.30 is likely on the watchlist for many traders going forward. The fact we have H4 resistance at 1.3009 and daily resistance at 1.3017 located nearby offers healthy confluence to work with, targeting H4 support at 1.2939 as an initial take-profit zone.
Thursday 10th September: Technical Outlook and Review
Upbeat comments from ECB officials, together with the US dollar index receding from 93.66 session peaks, had EUR/USD switch into positive territory heading into Wednesday’s European close.
Wednesday 9th September: Technical Outlook and Review
Europe’s single currency eased further against the US dollar on Tuesday, clocking a session low at 1.1765. Technically, the weekly timeframe forecasts further downside could be in store to 1.1733, a previous Quasimodo support, following last week’s rejection off the 2018 yearly opening value at 1.2004.
Tuesday 8th September: Technical Outlook and Review
Pound sterling lost grip against the buck on Monday amid mounting concerns surrounding a no-deal Brexit. Following Friday’s impressive recovery off H4 trend line support, extended from the low 1.2257 (and 1.32 support), moves that scratched levels just ahead of 1.33, Monday reclaimed the aforementioned barriers and clocked a low at 1.3140.
Monday 7th September: Weekly Technical Outlook and Review
In terms of Friday’s employment release out of the US, a broadly positive wave of figures came through, consequently delivering an initial knee-jerk reaction higher in the USD that sent the DXY to a fresh session high of 92.88.
Friday 4th September: Technical Outlook and Review
The British pound continued to soften against the US dollar Thursday, extending losses south of YTD pinnacles at 1.3483, following downgrades to the final UK services PMI. H4 failed to glean much impetus from 1.33 on the H4, unlocking downside to weekly support at 1.3250, the 2020 yearly opening level, which, for now, is holding.
Thursday 3rd September: Technical Outlook and Review
Europe’s shared currency tumbled for a second consecutive session on Wednesday as the US dollar index made its way back above 92.50, unfazed by the ADP reporting an increase of 428K private-sector jobs in August, a figure considerably under market consensus.
Wednesday 2nd September: Technical Outlook and Review
Sterling extended to a fresh year-to-date peak at 1.3483 against the buck Tuesday, though sharply retreated going into US hours as the DXY recovered off worst levels to modestly positive territory.
Tuesday 1st September: Technical Outlook and Review
EUR/USD activity also matched its YTD pinnacle at 1.1965 (August 18) after establishing position above the 1.19 perimeter. Upside movement also shines the spotlight on the 1.20 figure, sharing the same space with a H4 ABCD bearish approach (red arrows) at 1.2007.
