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  • The US Dollar seems to be back on the offensive against its major counterparts, pressuring EUR/USD and NZD/USD lower as USD/JPY consolidates. USD/CHF surges past key resistance. Get your market update from @ddubrovskyFX here:https://t.co/MrLGSp7FYa https://t.co/XS0176LyOg
  • The Japanese Yen remains in focus with strength potential on risk aversion themes to go along with weakness on themes around higher rates. Get your weekly $JPY technical forecast from @JStanleyFX here: https://t.co/l4UICqJzJy https://t.co/dQ2pS0E4fp
  • Google finance-related search interest in 'Evergrande' has almost overtaken 'Covid'. 'Taper' doesn't even register on the scale https://t.co/P6H9sHFVIB
  • Gold prices gain as potential systemic risks out of China's Evergrande Group roil broader markets. Meanwhile, iron ore is ticking higher after a big drop on Monday as China steps up steelmaking curbs. Get your market update from @FxWestwater here:https://t.co/l4kAWDJ2wm https://t.co/b9m5ADIqqb
  • Gold remains higher despite positive Evergrande news out of China. Meanwhile, copper bulls are pushing prices upward as the potential for a housing crisis in China ebbs. Get your market update from @FxWestwater here:https://t.co/TK3MNntBdA https://t.co/14UKjR4w6M
  • GBP/USD has flattened overnight after its strongest rally in a month on Thursday. The British currency has been under pressure recently as an energy crisis has caused a number of gas providers to go bankrupt. Get your market update from @HathornSabin here:https://t.co/3D8s2eIVWv https://t.co/JDGNwKYyOn
  • Japanese candlesticks are a popular charting technique used by many traders, and the shooting star candle is no exception. Learn about the shooting star candlestick and how to trade it here: https://t.co/mfwJ0sIauS https://t.co/JIT5it2HAt
  • Gold could suffer further near-term losses due to rising U.S. Treasury yields and a weak technical picture for price action. Get your weekly gold forecast from @DColmanFX here: https://t.co/g9QvH3L4It https://t.co/Vz98E0Bl9U
  • Gold has been trending lower after failing to clear resistance in the $1835 area earlier this month. Get your $XAUUSD market update from @DColmanFX here:https://t.co/3hm1g3BHgf https://t.co/MdTQKEBCBx
  • Key break here in the 10-year #Treasury yield as it rises to the highest since late June Took out 1.4230 resistance, and the 100-day SMA Eyes now on the 38.2% Fib extension at 1.4775 Also potential falling resistance from March https://t.co/4cI6l210ui
GBP/USD Pulls Back From Fresh Monthly High; Relief Rally Still Intact

GBP/USD Pulls Back From Fresh Monthly High; Relief Rally Still Intact

David Song, Strategist

Talking Points:

- GBP/USD Eyes Top of Ascending Channel Formationas Relief Rally Remains Intact.

- EUR/USD Capped by 1.0800; Bear-Flag Formation in Focus Ahead of ECB Meeting.

DailyFX

Currency

Last

High

Low

Daily Change (pip)

Daily Range (pip)

GBP/USD

1.2660

1.2775

1.2657

72

118

GBP/USD Daily

GBP/USD Daily Chart

Chart - Created Using Trading View

  • The top of the ascending channel comes into focus for GBP/USD as the exchange rate pushes to fresh monthly highs throughout the first full-week of December, and the recent development in the Relative Strength Index (RSI) reinforces a near-term bullish outlook for the pair as the oscillator breaks out of the bearish formation carried over from May; will keep a close eye on the momentum indicator as it approaches overbought territory, with a break above 70 raising the risk for a larger recovery in Cable.
  • Even though Bank of England (BoE) Governor Mark Carney warns that the U.K. has faced it first ‘lost decade’ of growth in 150 years, it seems as though the Monetary Policy Committee (MPC) is in no rush to further embark on its easing-cycle as the central bank head continues to warn ‘there are limits, however, to the extent to which above-target inflation can be tolerated;’ with U.K. Industrial Production & Manufacturing on the docket, a positive development may spark a bullish reaction in the British Pound as easing concerns of a ‘hard Brexit’ dampens bets for additional monetary support.
  • String of closing prices above 1.2630 (38.2% expansion) keeps the topside targets in focus, with the next region of interest coming in around 1.2860 (61.8% retracement) followed the former-support zone around 1.2920 (100% expansion) to 1.2950 (23.6% expansion).

Currency

Last

High

Low

Daily Change (pip)

Daily Range (pip)

EUR/USD

1.0711

1.0785

1.0698

53

87

EUR/USD Daily

EUR/USD Daily Chart

Chart - Created Using Trading View

  • EUR/USD pares the sharp rebound following the Italian Constitutional Referendum, with the pair struggling to clear the Fibonacci overlap around 1.0780 (100% expansion) to 1.0800 (23.6% retracement); broader outlook remains tilted to the downside as the euro-dollar appears to be trading within the confines of a bear-flag formation, with the single-currency at risk of facing increased volatility over the coming days as market attention turns to the European Central Bank’s (ECB) last 2016 interest rate decision on December 8.
  • Even though the ECB is widely expected to carry the zero-interest rate policy (ZIRP) in 2017, President Mario Draghi and Co. may extended the deadline for its quantitative easing (QE) program and adjust the guidelines for the non-standard measure in an effort to achieve its one and only mandate for price stability; may see the Euro continue to take cues from risk trends especially as the Federal Open Market Committee (FOMC) appears to be on course to implement a December rate-hike.
  • The long-term bearish trend may reassert itself amid the lack of momentum to break/close above the Fibonacci overlap around 1.0780 (100% expansion) to 1.0800 (23.6% retracement), and EUR/USD may slip back towards the 1.0500 (50% expansion) as the near-term rebound in the exchange rate appears to be getting exhausted.

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Read More:

AUD/USD Recovery Hinges on RBA, 3Q GDP; Rally at Risk Sub-7600

S&P 500: Will the Market Respect Support This Week?

Technical Focus: Bond Yields - That was Fast!

New Zealand Dollar Clobbered as PM Key Steps Down

--- Written by David Song, Currency Analyst

To contact David, e-mail dsong@dailyfx.com. Follow me on Twitter at @DavidJSong.

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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