Weekly Technical Forecast: Proximity to Key Technical Boundaries Puts Many Markets at Risk of Breaks
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Both the four-hour and daily GBP/USD chart point to lower prices ahead with a re-test of the 1.2660 low on the cards.
The Euro has seemingly halted its decline since early-October, setting the stage for bottoming efforts in several EUR-crosses, including EUR/USD.
The US Dollar’s bullish progress through 2018 has flagged significantly over the past three weeks. The chart looks primed for a break as liquidity fights resolution on a critical move. Yet, volatility suggests not to be complacent.
Last week was a wild one and next could be too, but volatility may diminish a bit as long as support levels hold.
A sharp drop appears to have found support near $50/bbl. despite increasingly worrisome signs about global demand in 2019 possibly indicating a short-term low is in place.