Last week GBPUSD pair demonstrated serious descent. On Friday on the day of adjustment of all the currency anti-dollar pairs, pound sterling approached American currency closer than any other days of the week. GBPUSD pair broke down the level of support of 1.5915 and closed trading week lower than the given level, almost approaching local minimum of 1.5825.
If one is not searching for fundamental reasons of such intensive descent, technically there are no reasons to buy, since the signal for a rebound can be formed only in case of a rebound from the level of support. There is no such signal yet, and the trend is clear.
Next week a little adjustment of current fall is most likely to occur. Whether this adjustment is a deployment, will be possible to tell only after seeing it.
The situation of USDJPY pair is pretty simple: the pair rebounded from the resistance level of 88.000 that was broken down, by using it as a support. There aren’t any obstacles for the ascending trend of bull to continue up to the resistance of 95.000.
The resistance of 1.3300 that was broken down is now supporting the EURUSD pair in fighting for the continuation of its ascending trend. However it is clear based on current situation that it is hard for the pair to continue this movement and probably the EURUSD can lower next week. However it is necessary to at least break down and consolidate lower than support level of 1.3300 with that purpose.
Last week gold left the trading diapason 1636-1677 and moved upwards, which means that an ascending trend is very possible for yellow precious metal. However a strong volatility of Thursday and a small adjustment on Friday give hope to bears.
We wish you a good and profitable week!Social button for Joomla