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Cable eases from new highest levels since March 2022 on Monday, suggesting that bulls may take breather after 3.6% advance in past two weeks and strong bullish acceleration last Friday (almost 1% daily gain). Strongly overbought daily studies prompt traders to collect profit, though correction is likely to be limited as the uptrend is strong. […]

The post GBP/USD Outlook: Larger Bulls Likely to Take a Breather Before Resuming appeared first on Action Forex.

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25/01/2024

USDJPY Dives Near 61.8% Fibonacci

USDJPY fails to surpass 148.50 resistance Rebounds off 140.20 still intact However, RSI and MACD suggest negative correction USDJPY has been struggling to surpass the 148.50 resistance level over the last five days after the upward movement from the 140.20 support level. The pair is still holding above the 61.8% Fibonacci retracement level of the […]
31/07/2024

Gold Eyes New Gains: Will It Sparkle Again?

Key Highlights Gold is attempting a fresh increase from the $2,350 support zone. It cleared a connecting bearish trend line with resistance at $2,388 on the 4-hour chart. Oil prices extended losses and traded below $75.50. The US ADP employment could change by 150K in July 2024. Gold Price Technical Analysis Gold prices found support […]
26/03/2024

GBP/USD: Bulls Gaining Traction After Double Rejection at 200-DMA

Cable remains constructive in early Tuesday’s trading, after it was lifted by better than expected UK data on Monday and fading expectations for BOE rate cut in May. Fresh recovery was also underpinned by a double downside rejection at 200DMA (1.2591) on Fri/Mon however, bearishly aligned daily studies (momentum indicator is in the negative territory […]